Goldman Sachs Hedge Fund Report
Goldman Sachs Report on the Hedge Fund IndustryGoldman Sachs has released a new report on the hedge funds industry, Hedge Fund Monitor. The report looked at 687 funds with $498 billion of long equity positions and $346 billion of short positions. Hedge funds covered shorts in 2Q and added to long positions, which now represent 3.7% of the US equity market. Among the key findings:
- Net long exposure has increased significantly to the highest since June 08 amidst improving economic data, stabilizing capital markets, and rising equity prices. Hedge funds net long is now 31%, a return to "pre-Lehman" levels.
- An estimated 7% of hedge funds have closed since June 2008.
- Hedge fund selling pressures have abated, and hedge funds are likely to put more cash into their top positions. Falling correlation suggests that single stock investment ideas will gain favor over a macro-driven market.
- Hedge funds boosted ownership in financials by 55% on a quarter over quarter basis, to $70 billion.
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