Hedge funds increased exposure to growth favourites in first quarter: Goldman GlobeInvestor
Hedge funds concentrated their portfolios even further into growth stocks including Amazon and Microsoft Corp in the first quarter of 2020 as the COVID-19 pandemic pummeled U.S. markets, Goldman Sachs analysts said in a report.
Along with Facebook Inc, Alphabet Inc’s Google and China’s Alibaba, they have been hedge funds’ top five long positions for seven consecutive quarters, the report said.Goldman Sachs said the focus on growth stocks, which tend to outperform the overall market, had supported recent hedge fund performance as Wall Street witnessed one of the quickest turns to a bear market amid a near-collapse in business activity.
Overall, funds also rotated further toward defensive sectors such as real estate, consumer staples and utilities as opposed to cyclicals.
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