It's hard to find a mega-cap stock which more hedge funds bought than sold in the first quarter. Such non-bank financial services firms as Berkshire-Hathaway (NYSE:BRK.B) are deflecting more hedge fund attention than they're attracting as many large banks, most notably JPMorgan Chase (NYSE:JPM) but a long list to follow, have passed their sell-by dates.
Tech giants also seem to be part of hedge funds' outward rotation, with Apple (Nasdaq:AAPL) sellers outnumbering buyers by more than two-to-one. Of the FAANGs, only Facebook (NYSE:FB) still held any allure as of the last round of 13F filings.
Other unloaded stocks include Disney (NYSE:DIS) and Johnson & Johnson (NYSE:JNJ).