Banks no longer are the biggest component in an average portfolio of professional investors. The share of banking stocks in an average equity fund has fallen to 6 percent, according to a Copley survey of 405 funds globally, which was cited by the «Financial Times» (behind paywall).

This average leaves the banking industry off the top spot for the business with the highest percentage in global equity funds.

Tech Stocks: Flavor of the Moment

Fund managers instead have increased the share of tech stocks, with their percentage increasing to 6.43 percent from 5.1 percent since the start of the year. Digital services have been sought after since the start of the pandemic. Observers are saying that it is a question of time only before tech giants such as Google and Amazon start encroaching on the banking industry’s business.

Some investors are bucking the trend. Warren Buffett for instance has recently been investing in banking stocks.