Hedge Fund Crowding Hits All-Time Highs As Everyone Buys The Same Handful Of Tech Stocks

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by Tyler Durden
Tuesday, Nov 21, 2023 - 06:45 PM

One week ago, when looking at the latest Goldman Prime Brokerage data (which analyzes exposure on a bottom-up basis), we found something remarkable: after puking tech stocks at the start of the year, virtually every hedge fund had exposure to mega-cap tech names, i.e., the Magnificent 7, as HF exposure to tech just hit a record 99%, prompting us to ask: who is left to buy?

To underscore this point, overnight Goldman published its closely-watched quarterly Hedge Fund Trend Monitor report (available to pro subs in the usual place) which does a top-down analysis of hedge fund gross and net exposure by looking at thousands of 13F quarterly reports, and which reiterated the same observation: not only is everyone now long the same handful of stocks, but "hedge fund crowding reaches new records as popular positions enjoy momentum" or visually: