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Hedge funds have significantly reduced their net long exposure to US equities, according to Goldman Sachs. After two weeks of buying, hedge funds have resumed shorting stocks. Last week, they increased their short positions in macro products while modestly increasing their long positions in single stocks. The overall reduction in net long exposure suggests a cautious stance ahead of a significant earnings week. Hedge funds remain significantly underweight US equities versus the market benchmark.
Last week hedge funds added to shorts in macro products and modestly increased longs in single stocks. The short selling was larger than the added long interest, meaning net long exposure was reduced. Makes sense ahead of a big earnings week to see this. Chart: Goldman Sachs https://t.co/mkh63ZmFT6 https://t.co/CfgfMlN53k
Hedge funds added to net short positioning last week, according to Goldman. Going into last week we saw various measures of hedging, including skew, drop. It made sense to either see longs reduced or shorts increased to balance out exposure, and we got the latter. https://t.co/AeaiCx7Zan
After Two Weeks Of Buying, Hedge Funds Are Again Shorting Stocks https://t.co/VyLF2N7l7f
