The funds boosted tech and consumer discretionary holdings, while cutting energy and materials wagers, strategists including Ben Snider wrote in a note Tuesday. Separately, average weightings of top 10 holdings jumped to 70 per cent in the three months ended June, the highest concentration since the first quarter of 2020.
“Stymied by an uncertain market environment and poor recent returns, hedge funds have cut leverage, shifted back towards growth, and increased portfolio concentrations,” the Goldman team wrote. “Performance has recently improved, matching the typical experience during correction rebounds, though leverage has room to rise if the market remains resilient.”
But the optimism has petered out heading into this week’s Jackson Hole conference on renewed hawkish concerns, with the market split on whether the Nasdaq 100’s near 13 per cent jump in July was anything more than a bear market rally.
Not sure about this bet…
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