![The woman who oversees QQQ on tech, Treasurys, volatility & more](https://image.cnbcfm.com/api/v1/image/107241329-ETF-SEG2-051523_mezz.jpg?v=1684182003&w=750&h=422&vtcrop=y)
The investor behind a high 10 world ETF sees a bearish pattern within the Massive Tech rally.
Anna Paglia, who oversees the tech-heavy Invesco QQQ Belief, sees indicators traders are beginning to take a defensive strategy to the group.
“In case you take a look at the flows which can be flattish yr up to now, that signifies there's actually not a excessive conviction within the quick time period,” the agency's world head of exchange-traded funds and listed methods instructed “ETF Edge” this week.
The QQQ, which tracks the Nasdaq 100 index, hit a 52-week excessive on Friday. Plus, it has outperformed the S&P 500 by greater than 17% in 2023.
Greater than half of the fund's allocations are in know-how shares. The ETF's high holdings embody Microsoft, Apple, Amazon and Alphabet — that are up greater than 30% because the begin of the yr.
Two different high holdings, Meta Platforms and Nvidia, are up greater than 100% for the yr. Nvidia is about to report its quarterly earnings on Wednesday.
“Individuals do not know if … this efficiency is simply pushed by the mega caps or if there's extra in there,” she stated.
Nevertheless, Paglia suggests the problems aren't everlasting.
“We're nonetheless agency believers within the QQQ, but it surely's a wait and see for our purchasers,” she stated.
The QQQ was up virtually 4% this week.