The highly awaited latest round of 13F filings reports are out showing that the high-profile hedge funds have been on a buying spree in the previous quarter. The F13 disclosures indicated increased institutional investors exposure in the first quarter of 2023 to solid and oversold major tech companies, discretionaries, and semiconductors.

For those not familiar with the 13F fillings, the Securities and Exchange Commission requires that hedge funds submit a report of their holdings of publicly traded securities and other investments each quarter, including stocks, exchange-traded funds (ETFs), options, American Depository Receipts (ADRs), and convertible notes.

Some of the prominent acquisitions in the last quarter are Alphabet ( +3x Long Alphabet and -3x Short Alphabet), Advanced Micro Devices ( +3x Long AMD and -1x Short AMD ), Amazon ( +3x Long Amazon and -3x Short Amazon ), Berkshire Hathaway (+2x Long Berkshire), Bank of America, Citigroup (+2x Long Citigroup), JD.com ( +3x Long JD.Com and -1x Short JD.Com ), Alibaba Group Holdings ( +3x Long Alibaba and -3x Sort Alibaba ), Zoom Video, and NVIDIA ( +3x Long NVIDA and -3x Short NVIDIA ).

Source: Tradingview

The Nasdaq 100 continues to be the outperforming U.S. index by quite some margin in 2023, having gained 26% for the year to date. Overall U.S. equity markets have been trading sideways over the past month with the exception of the tech index which extended its rally higher.

Much of the outperformance of the Nasdaq has been driven by better-than-expected earnings from major U.S. technology stocks such as Apple, Microsoft, and Alphabet, while banking stocks which took a hit were weighing on its U.S. index peers.

According to Bank of America, investors have been loading up on mega-cap tech stocks. Tech is the most crowded trade on Wall Street as stock market bearishness rises amid debt ceiling concerns and deteriorating economic data, followed by shorting banks and shorting the U.S. dollar.

After a poor 2022 the mega-cap technology stocks regained its lustre while sentiment about the outlook for the broader markets has been bearish. This suggests that the fallen stars of 2022 have regained their safe haven status.

The rally of the NASDAQ 100 index is still in progress with the current price action approaching its key resistance of 13,508. This level is extremely important as a break or a failure to break it could provide clues if the primary down trend would reverse course and continue to trade higher or prove the current run is a bear market rally within the overall down trend.

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