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Tech sell-off hits pension funds

Friday's technology stock sell-off, sparked by analyst notes that several of the top technology companies might be overvalued by the market, cost U.S. pension funds $4.7 billion. Based on what plans reported in most recent 13F SEC filings, the number does not include plan exposure via investment managers and hedge funds. Those investment managers saw combined losses of $132.8 billion.

For some stocks, notably Apple, the sell-off continued into Monday. Shares of the tech giant, and Siri progenitor, fell 3.9% during Friday's trading and were down 3.6% as of midafternoon. Down 7.4% in total since Thursday's close.

Despite the mass bloodletting, IBM was up on the day, offsetting the rest of its peers by $95 million and $1.5 billion in gains to its pension fund and investment manager holders, respectively.