Hedge Fund positioning

'While the recent selling of the new Tech sector has been fairly extreme, Tech net exposure remains near historical highs as some parts of Tech still have very elevated net positioning. In particular, Software and IT Services had seen large increases in positioning over the past 1-2 years—both due to net flows and outperformance.

They have dropped from highs over the past 2 weeks, but remain near highs. In addition, most of the recent Software selling has come from shorts added, rather than longs sold."
~Morgan Stanley