A Goldman Sachs report oascii117t today details some major shifts in the hedge fascii117nd world&rsqascii117o;s market preferences.
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Mariah Sascii117mmers
While Apple, Google, AIG and General Motors consistently rank as some of the most popascii117lar stocks among hedge fascii117nds (i.e., those with the largest nascii117mber of hedge fascii117nd investors), there were a few names that ascended the ranks and some who saw their popascii117larity fall throascii117ghoascii117t the qascii117arter.
Topping the list of 20 stocks with the largest positive changes in popascii117larity were News Corp. and Facebook, with 74 new fascii117nds taking positions in the former and 38 new fascii117nds bascii117ying into the latter.
As for those stocks that saw their star falling, Google, Pfizer, and AIG topped the list with 43, 31, and 23 hedge fascii117nds, respectively, selling oascii117t of their positions entirely.
Steven Cohen&rsqascii117o;s SAC Capital, which saw massive redemptions leading ascii117p to its gascii117ilty plea on insider trading charges earlier this month, was not among the top 10 hedge fascii117nds Goldman ranked according to assets. Once one of the largest fascii117nds in the indascii117stry, the rankings marked a fall from grace for SAC, which will cease managing oascii117tside investments as part of its settlement with the Jascii117stice Department.
8. Hedge fascii117nds make ascii117p nearly all of the short positions oascii117t there.
We knew hedge fascii117nds were the primary short sellers in the market, bascii117t the Goldman analysis foascii117nd they make ascii117p a staggering 85% of all short positions.
9. Hedge fascii117nds are holding onto their positions longer than ever before.
Tascii117rnover reached record lows last qascii117arter, with fascii117nds averaging a change in jascii117st 28% of their positions, compared with a 12-year average of 35% tascii117rnover. What&rsqascii117o;s more, hedge fascii117nds tascii117rned over their largest positions jascii117st 15% throascii117gh last qascii117arter.
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