Odd Lots

An ETF That Tracks Popular Hedge-Fund Stocks Is Getting Crushed

Stock market information on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Monday, Feb. 28, 2022. Investors are facing a risk most of them have never seen in their lifetimes -- a major crossborder war in Europe -- and that’s wreaking havoc across financial markets.Photographer: Michael Nagle/Bloomberg

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By Joe Weisenthal

March 7, 2022 at 7:07 PM UTC

This article is for subscribers only.

Here’s an ugly chart for you. It’s the GVIP -- the Goldman Sachs Hedge Fund Industry VIP ETF, which tracks the biggest long positions that have the most influence on hedge fund portfolios. (HT: CIO of the North)

While there’s a lot of gawking at the ARKK plunge, this is a reminder that almost any portfolio manager whose holdings were rocking through the end of the last year has almost certainly seen a rough turnaround.

The fund isn’t quite at the Feb. 24 intraday low, but if it were to end the day around here, it would be a new closing low. As it stands right now, the exchange-traded fund has fallen roughly 20% since its high in November.