How fast things change – only a few months ago institutional investors' holdings in the IT sector were at the highest level in a decade, now they are close to the lowest.

For a long time, we have argued that IT stocks represent the best Quality (high margins, earnings growth, cash flow generation). But when risk sentiment swoons investors need to de-risk their portfolios, they sell what they have irrespective of the fundamentals.  Now that excessive positions have been unwound and IT companies have re-asserted their strong earnings power, investors have started to come back.