低配科技股，终于成了制胜的股票策略

Core Insights - The investment landscape is shifting, with a significant reversal expected by 2026, moving away from large-cap tech stocks that have historically been a safe bet for fund managers [1] - Active fund managers are benefiting from a market rotation, as they are increasingly allocating to sectors outside of technology, which has led to improved performance [2] Group 1: Market Performance - Nearly 60% of large-cap mutual funds have outperformed their benchmarks this year, marking the highest rate since 2007 [1] - The S&P 500 index has remained flat for seven consecutive weeks, but underlying market dynamics show a reshuffling of winners and losers [1] - Technology stocks in the index have dropped over 4%, while energy and materials sectors have surged by at least 15% [1] Group 2: Fund Manager Strategies - Many active fund managers are not opposed to technology but are reluctant to chase a few overcrowded large-cap tech stocks [2] - The market breadth, which measures how many stocks are participating in the rally, has become increasingly important for active managers [2] - Approximately 66% of S&P 500 stocks are trading above their 100-day moving average, indicating a broad market rally [2] Group 3: Performance Metrics - The dispersion of returns within the benchmark index has widened to 41 percentage points, reaching a high percentile since 1980 [2][3] - Since early 2024, fund managers have started to reduce their exposure to tech stocks, particularly software stocks, which have been heavily impacted [2]