BOSTON: Prominent fund managers dove into technology and consumer stocks during the second quarter, helping fuel a rally that has pushed the benchmark S&P 500 near record highs despite the economic toll of the coronavirus pandemic, regulatory filings released showed.
Their favourite bets included the so-called FAANG stocks – shares of Facebook Inc, Amazon.com Inc, Apple Inc, Netflix Inc, and Google-parent Alphabet Inc--which have accounted for bulk of the market’s gains this year. They also snapped up shares of companies such as Zoom and PayPal, whose growth rates have spiked during the pandemic as millions have worked remotely.