Bank of America strategists Savita Subramanian and Jill Carey Hall say hedge funds have dropped their defensive stance to bet on the US economy's rebound.
Not surprisingly, hedge funds did not want part of anything exposed to the US economy when that economy was being hammered by the COVID-19 pandemic. They wanted shelter from the storm. But as the recovery has played out, Bank of America Head of US Equity & Quantitative Strategy Savita Subramanian says they've adjusted.
Bank of America says hedge funds took a record defensive tilt earlier this year, but that's changed sharply as they made bigger investments in cyclical stocks.More specifically, she says, long-only funds — the ones betting on stocks — have made big increases in their real estate and consumer discretionary holdings while selling defensive utility companies.
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