Large-cap long-only funds are the most underweight in financial stocks in nearly a decade as firms trade profits for loan-loss protections, Bank of America said Friday. Hedge funds made similar retreats, reaching record-low positioning in the sector last month and only barely ticking higher through May. Fund concentration in major tech names continued to swell, the firm said. Long-only funds notched another record-overweight positioning in the communication services sector in May. Visit the Business Insider homepage for more stories.