Hedge Funds Pay For Their Consumer Discretionary Bias

Goldman Sachs’ ‘Hedge Fund Trend Monitor,’ issued August 20, 2014 by analysts Ben Sneider, David Kostin, Amanda Sneider, Elad Pashtan and Brett Sanchez, surveys 775 hedge funds that held gross positions aggregating $1.9 trillion at the commencement of Q3 2014.

Year-to-date, hedge funds (up just 1%) are still trailing the S&P 500 (INDEXSP:.INX) (+7%) though returns have recovered somewhat from the market sell-off seen during Q1.

Interestingly, as seen in the above chart of performance by strategy, hedge fund performance as measured by the Composite Hedge Fund Index is far below returns achieved by Emerging Markets, Gold, 10Y Treasuries and even Large Cap Mutual Funds.

Hedge funds...

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