If mutual funds are where some of the so-called smart money is, then the smart money is not betting on tech.

The giant Fidelity Magellan fund has the same 11% weighting in technology that it had a year ago, Morningstar reports. Fidelity Growth & Income has a mere 5.6%, while all of the leading portfolios at American Funds have the same hardware and software weightings that they did a year ago.

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