A CIO who helps oversee $100 billion says the mega-cap tech elite responsible for broad stock-market gains this year are more at-risk than people think

• Stocks are well off their recent lows, but CIO Jimmy Chang says the ongoing rally is misleading.
• In particular, Chang believes that mega-cap tech stocks have gotten overextended, and are expensive relative to the rest of the market.
• He shared three equity sectors he’s favoring, and two asset classes he’s bullish outside of stocks.

With heightened economic uncertainty on the horizon, investors have been divided about the near-term future of the US macro environment.