LONDON - Hedge funds bought U.S. tech and media stocks at the fastest pace in four months last week, said a Goldman Sachs prime brokerage note to clients seen by Reuters on Monday, spurred by the Federal Reserve's anticipated 50-basis point rate cut.
Hedge funds placed almost three times as many long positions on the bet that information technology stocks would rise, compared to those with bets against them, said the prime brokerage note. By contrast, consumer products were the most sold on Goldman Sachs' prime brokerage book, the note said.
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