SPMO is trading 1.6% down today as its heavy concentration in information technology underperforms despite broader market gains driven by cooling inflation.
- The fund's information technology exposure (54.2%) is dragging on returns as investors turn more selective on expensive AI and software names following a sharp recent rally.
- Strategists have downgraded U.S. information technology, citing valuation concerns and a shift in sector rotation away from high-growth tech stocks.