---
title: "The total exposure of American hedge funds has seen the largest scale of liquidation since the COVID-19 pandemic"
type: "News"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/251533927.md"
description: "\"Smart money\" is retreating from the U.S. stock market! According to Goldman Sachs' Prime Brokerage, there has been a significant amount of position volatility in the market over the past few weeks, ultimately leading to a substantial reduction in stock exposure. In fact, as shown in the chart, the 20-day change in Goldman Sachs' PB book total exposure is the largest scale of liquidation seen since March 2020. This is largely driven by systematic long-short funds, which have just experienced the third worst month in history"
datetime: "2025-08-05T00:30:38.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/251533927.md)
  - [en](https://longbridge.com/en/news/251533927.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/251533927.md)
---

> 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/251533927.md) | [English](https://longbridge.com/en/news/251533927.md)


# The total exposure of American hedge funds has seen the largest scale of liquidation since the COVID-19 pandemic

"Smart money" is retreating from the US stock market!

According to Goldman Sachs' Prime Brokerage, there has been a significant amount of position volatility in the market over the past few weeks, ultimately leading to a substantial reduction in stock exposure. In fact, as shown in the chart, the 20-day change in Goldman Sachs' PB book total exposure is the largest closing seen since March 2020.

This is largely driven by systematic long-short funds, which have just experienced the third worst month in history.

### 相關股票

- [Goldman Sachs (GS.US)](https://longbridge.com/zh-HK/quote/GS.US.md)

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