We started 2024 overweight US Tech. We tactically shifted to neutral on 7 February before returning to overweight on 7 May. This strategy proved justified. In the year to 6 February, the Tech sector (S&P 500 IT) gained +6.9%, outperforming the S&P 500 (+4%) by 290bp. Between 7 February and 6 May, the Tech sector was up 3.1%, underperforming the S&P 500 (+4.1%) by 100bp. Since 7 May, ...