大摩解析13F：Q2资金大举涌入科技与工业板块，医疗与金融遭减持

Group 1 - The core viewpoint of the article highlights a shift in investment strategies among institutional investors, with increased allocations to technology, industrials, and communication services, while reducing exposure to healthcare, financials, and consumer staples [1][2] - Investors increased their investments in technology (+1.9%), industrials (+0.6%), and communication services (+0.6%), while decreasing their holdings in healthcare (-1.3%), financials (-0.7%), and consumer staples (-0.7%) [1] - In small-cap stocks, technology (+2.3%) and consumer discretionary (+0.9%) saw the largest investment increases, while consumer staples (-0.9%) and healthcare (-0.8%) experienced declines [1] Group 2 - Hedge funds continue to underweight the technology sector despite recent gains, a trend that has persisted since 2017 due to the rapid expansion of large-cap tech stocks [1] - Hedge funds exhibit a significant overweight in small-cap healthcare, accounting for 28% of their assets under management compared to 10% in the Russell 2000 index, primarily due to concentrated holdings in biotech stocks [2] - U.S. domestic funds hold 81% of the S&P 500 index, with the energy sector being the most dominant in North America (86%), while the real estate sector has the highest level of international ownership (22% foreign holdings) [2]