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Benedicte Gravrand, Opalesque Geneva:
Information technology and healthcare sector stocks were the biggest net sells among top hedge funds, according to the S&P Hedge Fund Tracker report for Q2 2016. They include Apple, Netflix, Allergan, Microsoft and Alphabet. The Apple sells "could be due to hedge funds trying to lock in gains for their investors as Apple had a rally in the last few months," says S&P.
Among the top buys, consumer discretionary and energy lead the way. Four out of 10 hedge funds bought stocks in Charter Communications, a consumer discretionary cables services company. Besides Charter Communications, the top funds bought Morgan Stanley, Adidas, Allergan, and Shire.
The top hedge funds decreased their number of stock positions to 399 from 408 in Q1 (and 427 positions in Q4 2015), breaking last quarter's record as the fewest stock positions held since 2014.
At the same time, the funds managed about $150bn in equity holdings, up from $141bn in Q1, but still down from the $159bn seen in Q4 2015.
"Like other market participants, hedge funds were at the whim of the broader market and economy these last few months," said Pavle Sabic, head of market development at S&P Global Market Intelligence. "In the first quarter, we saw substantial net selling of nine out of ten S&P 500 sectors. Confidence improved somewhat in the second quarter, but only up to a point. We understand what the 'smart money' is buying and selling, but there'...................... To view our full article Click here
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