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In the week ending November 17, 2023, Goldman Sachs said without citing the underlying reasons that global hedge funds built bearish positions this week to the highest level in nearly five years. The ratio between long and short positions is at a historical low, below 1.7 times. At the beginning of this year, the long/short ratio was at 2.6 times, sharply declining in March in the wake of the regional banking crisis. Overall, hedge funds are underweight financials, at the lowest level since May 2020, Goldman Sachs said.

Meanwhile, the rise of multi-manager hedge funds - and the pay their portfolio managers are systematically harvesting in their seemingly never-ending pod-hopping - is now such a mainstream subject that it's made it into the Sunday Times. "Inside the super hedge funds that have Wall Street running scared," is the headline. The article below is pretty good (it's by Oliver Shah, so not unexpectedly) but, ironically, the top of the multi-manager/multi-strategy phenomenon may already be in.

In new launches, Bridgewater Associates has quietly launched two new niche funds this quarter. The world's largest hedge fund firm is betting on sustainability and Asia; Khosla Ventures is in the final stages of raising $3 billion for its latest set of venture funds, showing how some Silicon Valley investors remain bullish even as startups continue to stare down slower growth and lower valuations, and Blue Owl Capital Inc.'s Dyal Capital Partners plans to raise at least $2 billion for a new fund dedicated to buying minority stakes in mid-sized alternative asset managers, according to people with knowledge of the matter.

In the meantime, asset manager Brinley Partners, led by co-founders Kerry Dolan and Kirsten Hagen, is seeking to raise at least $1 billion for its second private credit fund, according to people with knowledge of the matter; Menlo Ventures has raised $1.35 billion for funds that will invest in technology ......................

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