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Investing.com -- Hedge funds have bought US equities for the third straight week, with long buys exceeding short sales by a ratio of 1.5 to 1, according to Goldman Sachs’ Prime Desk.
The bank’s trading desk reported that gross trading activity continues to increase at an elevated pace. Single stock flows indicate further sector rotation, with hedge funds moving notably into health care, materials, and consumer discretionary sectors.
"In contrast, Info Tech was the most $ net sold sector on Thursday, on the week, and in Nov MTD, as HFs have net sold the sector in 5 of the last 6 weeks," Goldman Sachs traders noted.
Despite the overall selling in technology, the Magnificent 7 group of stocks was collectively net bought last week, primarily driven by long purchases.
This pattern suggests hedge funds are adjusting their portfolios as November draws to a close, reducing exposure in certain technology names while increasing positions in other market segments.
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