The rout in technology shares and gyrations in emerging markets have been driven by hedge funds rather than long-term investors, according to the head of the world’s largest asset manager.
Larry Fink, BlackRock chief executive, said its retail and institutional investors continued adding to their portfolios during the past several months of volatility, suggesting recent swings might not translate into long-term market moves.
“Long-term investors have not been spooked by this volatility, but shown remarkable resilience in attitude,” he said. “Much of the volatility was fast-money hedge funds repositioning their trades.”
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