Hedge Funds Dump Stocks At Fastest Pace Since Liberation Day: Here Is What They Bought And Sold

Hedge funds sold US stocks at their fastest pace since Liberation Day. While the S&P 500 fell 1.4% for the week due to surging bond yields and policy uncertainty, Bitcoin-sensitive, gold miners, and bio-processing themes outperformed. Conversely, NeoClouds, drones, and IPPs suffered the largest losses.

US stocks rose on Friday though the S&P 500 still fell -1.4% on the week as investors digest the implications of surging long-term bond yields, Bessent "buyback doubling" game of chicken with the bond vigilantes, a decidedly mixed batch of consumer earnings, high (and rising) energy prices (especially diesel), and US policy uncertainty. Bitcoin Sensitive, Gold miners, and Bio-Processingwere among the themes that outperformed, while NeoClouds, Drones, and IPPs were among the themes that logged the largest losses.

Let's start with the top 5 themes as covered by Goldman's Delta One desk:

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