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Shares of technology giants have fallen out of favor with fund managers, replaced by bets on the U.S. dollar as the most crowded trade.
The so-called "FAANG + BAT" stocks, including Facebook, Amazon, Apple, Netflix, Google's Alphabet, along with Baidu, Alibaba, Tencent, had been the most crowded trade since February, according to the latest monthly Bank of America Merrill Lynch Fund Manager Survey. But now, the dollar has become fund managers' number one trade.
Over the past three months, Apple shares have plunged more than 20 percent, while Facebook shares have fallen 13 percent. Amazon shares also have fallen since the company reached a $1 trillion valuation earlier this year. Shares of the e-commerce giant are down 22 percent in the last three months, bringing the company's valuation back down to $744 billion, but share prices are still up more than 30 percent in 2018.
The greenback, in the meantime, has strengthened on the back of solid U.S. data including strong consumer spending. The safe-haven buying amid the recent stock rout and increased volatility has also pushed the dollar higher. It reached an 18-month high last week.
FAANG is still the second most-crowded trade, followed by bets against emerging markets, the survey showed.
The survey took place from Dec. 7 to 13. It included responses from 243 investors who collectively have nearly $700 billion under management.
Bank of America Merrill Lynch also released it survey of fund managers on Tuesday. It found that investors are fleeing stocks and buying bonds in record numbers amid the global sell-off in equities.