Hedge funds ditched European equities last week for stocks in the United States and Japan, client notes from JP Morgan, Morgan Stanley and Goldman Sachs show, as strong economic data lifted equity markets in both countries.
These funds have taken the largest bullish position in Japanese stocks seen in about two years, while long, or bullish bets, on UK stocks were “trimmed the most in May,” the note said. Hedge funds’ net buying in North American stocks reached the highest level Goldman Sachs had seen in about five months, led by investments in information technology, consumer staples and health care, a Goldman Sachs note to clients said.
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