After a 33% gain in the first half, this fund manager grew tired of the AI trade. Here’s where he’s looking now.
Bill Hench, of First Eagle, stepped away from the artificial-intelligence trade with small-capitalization bets on a recovery of the U.S. housing construction market.
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# Summary Bill Hench of First Eagle Alternative Funds is rotating capital away from AI stocks—which gained 33% in the first half of the year—into small-cap bets targeting a U.S. housing construction market recovery. This strategic shift reflects a pivot from momentum-driven tech exposure toward value opportunities in the residential construction sector.
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