Hedge funds endured their sharpest monthly underperformance against the S&P 500 in more than two decades in July, as a reversal in AI stocks forced managers to cut positions and reduce exposure to some of the market’s most crowded trades, according to a report by CNBC citing data from Goldman Sachs.
The bank said its basket of the stocks most widely held by hedge funds suffered its worst one-month performance relative to the S&P 500 in more than 20 years of data.
The reversal also trigge...
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