The investor behind a top 10 global ETF sees a bearish trend in the Big Tech rally.
Anna Paglia, who oversees the tech-heavy Invesco QQQ Trust, sees signs investors are starting to take a defensive approach to the group.
“If you look at the flows that are flattish year to date, that indicates there’s really not a high conviction in the short term,” the firm’s global head of exchange-traded funds and indexed strategies told “ETF Edge” this week.
“People don’t know if … this performance is only driven by the mega caps or if there’s more in there,” she said.
However, Paglia suggests the issues aren’t permanent.
“We are still firm believers in the QQQ, but it’s a wait and see for our clients,” she said.
The QQQ was up almost 4% this week.