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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 weeks of de-risking

Hedge funds selling Momentum & Growth stocks

Source: JPM PI

Turning negative

Source: JPM PI

Shorts

Source: Goldman

Moving away from hedge funds and to broader sentiment

 

Still not super-stretched

Source: Goldman

Extremely neutral

Source: BofA

Barry's bear boot camp

Pretty incredible

Source: Bespoke

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