Hedge funds were net sellers of technology stocks in July and bought defensives for the third straight month, indicating caution heading into August.
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Bank of America saw $4.1 billion in inflows to single stocks from clients, the fifth largest since 2008, but hedge funds sat out.
Big investors don't like tech too much right now.
Even after a positive August, historical performance suggests the coming weeks could be challenging.
Investors are flocking back to hedge funds, with capital flows hitting an 18-year high.
Many professionals are keeping their faith in the tech trade, despite last week's uneven action.
Strategists are eyeing several portfolio diversifiers amid fears of tech stock reversal.
