Hedge Funds Dump Stocks At Fastest Pace Since Liberation Day: Here Is What They Bought And Sold

Stocks rose on Friday though the S&P 500 still fell -1.4% on the week as investors digest the implications of surging long-term bond yields, Bessent "buyback doubling" game of chicken with the bond vigilantes, a decidedly mixed batch of consumer earnings, high (and rising) energy prices (especially diesel), and US policy uncertainty. Bitcoin Sensitive, Gold miners, and Bio-Processing were among the themes that outperformed, while NeoClouds, Drones, and IPPs were among the themes that logged the largest losses.

Let's start with the top 5 themes as covered by Goldman's Delta One desk: