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.

"All of the big growth players are still wary of valuations and growth prospects at big tech companies," Russell Kinnel, Morningstar director of fund analysis, a.k.a. Fund Spy, says.

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