Hedge funds dumped tech at fastest pace in a decade

Hedge funds cut technology positions at the fastest rate since 2016 over the five trading sessions through Oct. 15, according to Goldman Sachs prime-brokerage data. Semiconductors saw the largest dollar decline, and net leverage fell to a one-year low of 48.6%. Tech still made up 23.5% of Goldman's prime book, a 90th-percentile share.

• Tech position cut was the largest in Goldman's prime-book series since 2016
• Net leverage dropped to 48.6%, a one-year low
• Semiconductors absorbed the biggest dollar losses
• Tech still held 23.5% of the prime book, a 90th-percentile share