Amazon aside, the FANGs appear to be losing some lustre with big hedge funds. The FANGs refer to Facebook, Amazon, Netflix and Google’s parent Alphabet. The stocks have been hugely popular with hedge funds, many of which have made a killing as the stocks have surged.

That could be changing. Other than Amazon, exposure to the other FANG stocks declined in the second quarter for the 50 largest hedge funds, according to data from FactSet Research. Hedge funds decreased their exposure to Facebook and Netflix by $1.2bn each and sold about $1bn worth of Alphabet shares.