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.
