The majority of unprofitable growth stocks are tech-related, the firm says.
Funds that use systematic strategies to trade futures contracts are exposed to about $106 billion in long positions.
The focus on earnings comes at a time when the rally in stocks has been derailed.
There are $52 billion of long positions on the S&P 500 and 88% of them are in a loss.
As rate cuts now seem far away, it's corporate earnings keeping bulls optimistic.
Euro area shares have risen by around 4% in March, outpacing their US peers.
The tech giants drove the biggest gains in the S&P 500 last year.
The outflows come as Apple shares entered a technical correction this month.
Big tech firms will contribute a “substantial portion” of future buybacks, the firm's analysts said.
The valuations of the biggest tech stocks are justified, the firm says in a new report.
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