UK pension funds are cutting back their exposure to US equities, amid concerns over the market’s growing concentration in a small number of tech stocks and the risk of a bubble in the AI sector.
Schemes managing more than £200bn in assets for millions of British savers told the Financial Times they have been shifting allocations to other geographical regions or adding protection against a potential fall in stock prices in recent months.
The moves come as the tech-heavy Nasdaq Composite index has shot up more than 20 per cent this year — and more than doubled since early 2023 — driven by the so-called Magnificent Seven stocks such as Nvidia, Alphabet and Meta.
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