Never seen this much "hedge fund hesitation" at an all-time-high

Hedge funds cautious

Hedge funds have been turning more cautious on areas that have been sharply in focus in recent months. Not the same "young at heart" spirit anymore.

1. Under the surface there’s been some de-grossing with 5d gross flows at -1.1 sigma. 

2. This comes as momentum performance has been choppy lately and HF performance is fairly neutral MTD (+0.3% and flat for quants).