LONDON (Reuters – The top-shunned stocks in 2022 are high-flying tech stock, which is the darling pandemic. This was because investors consider a flurry central bank rate hikes to be the greatest risk to market, according investor surveys.

BofA’s Jan 7-13 survey of investors managing more than $1.2 Trillion in assets revealed that managers of funds had reduced their overweight positions since December 2008, according to a BofA survey.

Monthly surveys are conducted separately by Deutsche Bank (DE:) The overwhelming majority of respondents believe that U.S. tech shares are in bubble territory, as they remain more cautious on investors’ hawkish policies and higher yields.

“Higher-than-expected inflation continued to be the predominant driver of those bearish fears, but its counterpart, a more aggressive Fed, drew much more concern from respondents this month,” Deutsche Bank strategists said in a monthly note.

Due to higher central bank rates this year, investors increased their positions in equities. They are particularly interested in Europe, cyclical and commodity banks as well as industrials. These sectors have been perceived to be more attractive.