Exposure to large-cap technology stocks has kept hedge funds afloat this year.A market enjoying what seems to be a strong rebound from themay actually be on thin ice, new data from Goldman Sachs suggests.
In this tech-driven market, even professional investors have struggled. Managers of large-cap core mutual funds and equity hedge funds have both trailed the S&P 500 this year, according to Goldman Sachs.But while weak market breadth has crippled mutual funds, it's been a big lift for hedge funds. Mutual funds are underweight this year's top stocks by 7.2 percentage points, which Kostin noted is the main reason why they've underperformed lately. If the seven companies carrying the market were left out of the Russell 1000, the typical mutual fund would be beating it slightly.Although mimicking hedge fund managers' every move hasn't been a winning strategy in 2023, investing in just their favorite picks would have led to significant outperformance.
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