Investing.com -- Last week’s tech-driven equity selloff resulted in hedge fund stock pickers and multi-strategy funds losing around half of their average yearly gains, according to a note by Goldman Sachs.

Wall Street shares were impacted due to concerns over the U.S. economic outlook and uncertainty about President Donald Trump’s tariff policies. The Nasdaq confirmed a correction since its peak in December.

The selloff particularly affected parts of the markets where hedge funds held long positions, such as technology, media, and telecommunications companies.

So far this year, technology has been the second worst-performing sector in the S&P 500 , with a loss of about 8%. This comes after consumer discretionary stocks which have dropped just over 9%.

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