Tech Allocations Surge As Funds Pile Into World’s Most Crowded Trade

Given that the small cohort of large companies we generally refer to as "mega-tech" is responsible for almost all of this year's US equity rally, it comes as no surprise that "long tech" is once again the most crowded trade on the planet. The bull case for US shares this year is also the bear case. The prospect of less aggressive monetary policy, lower yields and the perceived safety of quality companies with good balance sheets, bolstered the mega-caps which in turn boosted the US benchmarks t