US Weekly Kickstart
Exploring the cyclical rotation across $5 trillion of hedge fund and mutual fund holdings
We published this week our Hedge Fund Trend Monitor and Mutual Fundamentals reports which analyzed 744 hedge funds with $2.4 trillion of gross equity positions and 528 mutual funds with $2.8 trillion of AUM as of the start of 3Q 2023. Both hedge funds and mutual funds benefited from the broader cyclical rally given their increased exposure to cyclical sectors like Energy. Financials was one area of disagreement, with hedge funds underweight and mutual funds overweight. There are only six “shared favorites” between our Hedge Fund VIP basket (GSTHHVIP) and Mutual Fund Overweight basket (GSTHMFOW), the lowest number in 9 quarters: CI, FI, MA, UBER, V, WDAY (Exhibits 5 – 9).
Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html.