Top Australian Pensions Cut US Tech Stocks Ahead of Rebound

Australia’s top pension funds cut holdings in the US mega-cap tech stocks known as the Magnificent Seven before the group raced to new highs, underscoring the challenge of keeping pace with the AI-fueled bull market.

The shifts were revealed in a Bloomberg analysis of filings from so-called industry super funds, which manage about 40% of Australia’s A$4.3 trillion ($2.8 trillion) in retirement savings. Seven of the eight largest funds scaled back holdings in the group that includes Nvidia Corp., Apple Inc. and Google parent Alphabet Inc. in the first half of the year, the analysis found.