As the U.S. aims to deglobalize the tech industry and protect its national interests, the tech sector is navigating troubled waters. The L/S Equity managers at Lyxor have managed the sudden tech sector repricing so far. Communication and tech positions remain dominant in portfolios, but several warnings earlier this year led managers to reduce net exposures, Lyxor said in its weekly brief. Since the unexpected trade and tech war escalation in early May, they continued to trim their tech positions (especially the semi and hardware stocks) while adding to the defensive sectors.