have shown a noticeable uptick in bullish responses over the past few months as the stock market moved higher. But portfolio positioning data of active investment managers didn't reflect the increase in bullishness.
For example, the most recent Fund Manager Survey from the bank showed utility stocks as the least overweight sector, but hedge fund holdings data show a 20% net long position in utilities, which is a near record. Subramanian said the bearish positioning among hedge funds comes at a time when investors should be playing more offense than defense in the stock market. That means the 5% sell-off in stocks this month is likely a buying opportunity.
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