Citigroup Research said most stocks were sold off by active ETFs, mutual funds, and hedge funds due to factors such as profit return, concentration, and risk management. According to a stock strategy report, active and passive funds from Nvidia, Microsoft, Alphabet, and Tesla all showed positive trends. Scott Chronert, head of US stock strategy at Citigroup Research, wrote: Active funds “have continued to reduce their holdings of most of the “Big Seven” stocks over the past two years, and so have hedge funds.” He explained that diversified fund concentration restrictions, profit returns, and risk management supervision may all be the reasons behind this net sell-off.