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Hedge Funds Sold into the Strength of the Magnificent Six in Q2 — and Were Rewarded

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Michelle deBoer-Jones
Published on
Hedge Funds

Hedge funds generally sold into the second-quarter strength, unloading shares of most Magnificent Seven stocks and reducing crowding. As a result, most funds were rewarded with healthy returns as they successfully navigated the summer volatility.

Magnificent Seven becoming less "magnificent"?

According to Goldman Sachs' latest "Hedge Fund Trend Monitor," funds turned against the momentum in the equity market during the first half of 2024, receiving resilient returns in exchange as the market tumbled in late July.

While funds trimmed their positions in all of the "Magnificent" mega-cap stocks during the second quarter, those stocks continued to outperform and remained...

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Michelle deBoer-Jones is editor-in-chief of Hedge Fund Alpha. She also writes comparative analyses of stocks for TipRanks and runs Providence Writing Services. Previously, she was a television news producer for eight years, producing the morning news programs for NBC affiliates in Evansville, Indiana and Huntsville, Alabama and spending a short time at the CBS affiliate in Huntsville.