China Fund Advisors Rotate Within Tech, Add Pharma and Gold

The rotation is less a directional call on tech than a search for less crowded ground: staying inside the sector while trimming the most consensus-heavy sub-sectors, and pairing that with pharma and gold. That combination reads as a hedge against both a tech drawdown and broader macro uncertainty, and it matters because these are large, widely followed advisors whose positioning can nudge domestic sentiment. Whether the shift toward defensives and gold persists, or proves a tactical trim, is the open question.