Absolutely staggering.HFs have been selling AI stocks at their fastest pace on record according to Goldman Sachs.HFs hav…
Absolutely staggering.
HFs have been selling AI stocks at their fastest pace on record according to Goldman Sachs.HFs have actively unwound risk in the past month.More specifically, TMT funds are now ~flat YTD, down from roughly +24% generated in H1 before the Leopold sell-off in July.There have been three big semis sell-offs this year:March, July, and now Oct-Nov. A lot of pain endured.I wonder the extent of risk budget cuts at HFs?What incentives remain for HFs to add risk so close to year end?That said, HFs are positioned *even* lighter than a ~month ago, so a rally could force some short covering.Feels like retail (and any buybacks) need to do the heavy lifting short-term.
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