Bank of America: Funds significantly reduce semiconductor holdings and shift to energy sector

```htmlGolden Ten Data July 20｜Bank of America released a report stating that with a significant rebound in the semiconductor sector this year, funds are rebalancing their portfolios by taking profits, leading to large-scale capital outflow from the semiconductor and software sectors. At the same time, to reduce excessive reliance on the artificial intelligence theme, capital is shifting towards traditional cyclical sectors such as energy and materials.Global actively managed funds have significantly reduced their holdings in the semiconductor and software sectors: Since the beginning of this year, in order to rebalance positions after the sharp rebound in semiconductors, global actively managed long-term funds have sold $77.4 billion worth of semiconductor stocks. Meanwhile, as profit momentum weakens, funds have also sold $58.1 billion worth of software stocks.Capital flows into energy and materials sectors to diversify AI theme risks: As a hedge against over-concentration in the AI theme, funds this year have purchased $36.8 billion in energy stocks and $25.8 billion in materials stocks. In June alone, global funds had net purchases of $13.2 billion in energy and $4.1 billion in materials, while selling $11.9 billion in technology hardware and $8.1 billion in diversified financials.```