Hedge Funds Are Bracing for a Market Selloff
- Managers cut holdings in U.S. banks, base metals and buy gold
- Hard economic data has yet to catch up with sentiment numbers
Hedge Funds Brace for Hard Times
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U.S. stocks have piled up $1.5 trillion in market value this year, but hedge funds are bracing for tough times ahead.
Based on buying and selling in 2017, managers have stopped loading up on bullish positioning. They’ve also become less reliant on U.S. stocks by selling economically sensitive bank shares and materials like copper, data compiled by Credit Suisse Group AG show. What are they buying? Gold.