"Not Out Of The Woods Yet": The Complete Q2 Hedge Fund Monitor

Last week Goldman published what are its two most popular periodic reports, the Hedge Fund Trend Monitor and the Mutual Fundamentals, which analyze $8 trillion of equity positions at the start of 3Q 2025 (of these, 981 hedge funds with $3.8 trillion in total holdings).

The bank found that Hedge funds and mutual funds have both generated solid returns YTD, although pure L/S funds continue to lag badly and the Goldman HF VIP less most shorted basket - an extreme representation of pure Long/Short plays - is now down 2% YTD.