踏空4月大反弹后，对冲基金恐慌性“追涨”美股！

Group 1 - The core viewpoint of the articles indicates that hedge funds are currently in a "panic buying" mode, reversing their previous strategies as they net bought U.S. stocks for the fifth consecutive week, with a buying ratio of approximately 3 to 1 over short selling [1][2] - The total leverage ratio of U.S. fundamental long-short strategy funds recently reached a historical high of 215%, although it has decreased by 2.5% to 210.6%, still remaining at a very high level [1] - The net long leverage ratio has increased for the fourth consecutive week, rising by 0.9% to 51.2%, indicating a strong bullish sentiment among hedge funds [1] Group 2 - The industrial sector has emerged as the biggest winner in this capital reallocation, with hedge funds achieving a net buying peak for U.S. industrial stocks not seen in seven months, with a buying ratio of 3.7 to 1 over short selling [3] - The healthcare sector is also experiencing a bullish trend, with hedge funds net buying U.S. healthcare stocks for the sixth consecutive week, driven entirely by long positions [3] - The biotechnology sector has seen a significant increase in the long-short ratio, reaching 3.83, indicating extreme optimism among investors [3] Group 3 - The VIX index has dropped below 17 for the first time since February, providing further evidence of the ongoing bullish trend in U.S. equities [4] - Institutional positions in VIX futures have decreased for five consecutive weeks, with a total reduction of $14.3 million in volatility exposure, primarily driven by new short positions [5] Group 4 - There is a divergence in fund flows, with pure long strategy funds net selling $3 billion, while hedge funds remained relatively stable, indicating stronger bullish sentiment among hedge funds [6] - Significant "misaligned trades" have been observed, with the Goldman Sachs hedge fund VIP basket underperforming the most shorted basket by 8% [6] - Despite the Nasdaq achieving a 30% increase from its lows and nearing historical highs, the best-performing stocks last week were from the most shorted basket, indicating a complex market sentiment [6]