Hedge funds trimmed their positions in six of the Magnificent Seven stocks, although they remain at the top of the list of the most popular positions, according to Goldman Sachs. Fund managers also sought alpha in the Trump trade and “Phase 3” AI stocks.
Long/ short equity up YTD
The average U.S. long/ short equity hedge fund is up 3% year to date with support from both alpha and beta, according to Goldman Sachs’ latest “Hedge Fund Trend Monitor.” The firm’s basket of the most popular long positions is already up 10% year to date, with hot longs outperforming concentrated shorts across most sectors.
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