FX.co ★ BofA: IT sector sees largest inflows in 15 years

According to analysts at BofA, the US technology companies witness the fastest pace of investment inflows growth over the past 15 years.

Bank of America Merrill Lynch said tech stocks saw an influx of about $1 billion during the past week. “Tech mania: tech inflows annualizing strongest in 15 years,” Chief Investment Strategist Michael Hartnett at BofA wrote in the note to clients. Thus, Facebook and Apple contributed about 30% of growth, while 84% of technology stocks saw positive returns in 2017.

Experts say the main reason of such rapid growth is hedge funds returning to the tech sector. Regulatory filings show the hedge funds were net sellers of 7.5 million shares of Apple, Amazon.com and Alphabet Inc. in the first quarter of 2017.