Progressive exchange: Nasdaq currently uses blockchain to power its US market for shares of private companies.
LONDON: Banks overtook tech stocks as the most overweight global sector in July, according to a copy of Bank of America Merrill Lynch's fund manager poll seen by Reuters, with "long Nasdaq" deemed the most crowded trade for the third straight month.
The survey, which polled 207 asset managers with US$586bil (RM2.51tril) under management, was carried out between July 7 and 13, and showed investors rotating out of technology stocks, which 68% of poll participants said were "expensive".
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