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Hedge Funds Boost Stock Bets to ’07 High, Goldman Says

Hedge funds are more bullish on equities than they have been in six years and American International Group Inc. replaced Apple Inc. as the top-held stock, according to Goldman Sachs Group Inc.

Net long exposure to stocks in hedge funds climbed to 52 percent in the fourth quarter, matching the 10-year high reached in the first quarter of 2007, a team led by Goldman Sachs’ Amanda Sneider and David Kostin said in a report yesterday. For the first time in three years, iPhone maker Apple was not the most-popular stock held by firms, falling to third place as insurer AIG became the most-held position.