押注经济放缓，对冲基金大举做空美股小盘股

Group 1 - Hedge funds are increasing short positions on small-cap stocks, with short positions on the Russell 2000 index reaching $16 billion in July, the highest level since 2021 [1] - There is a growing gap between short positions on small-cap stocks and bullish futures on the Nasdaq 100 index, indicating market concerns about the U.S. economic outlook [1][2] - Small-cap companies are more sensitive to economic fluctuations due to weaker balance sheets and lower borrowing capacity compared to S&P 500 companies [1] Group 2 - The Russell 2000 index has risen 26% since its low in April, but some investors warn that this surge may signal overheating risk sentiment [2] - Concerns about economic growth and expectations for prolonged high interest rates are particularly detrimental to small-cap companies, which rely more on external capital [2][4] - If economic growth remains robust or moderate inflation supports the Federal Reserve in lowering interest rates, shorting small-cap stocks may face challenges [4] Group 3 - There is caution regarding excessive shorting of small-cap stocks due to the potential for a short squeeze, where price reversals force short sellers to buy back shares [5] - Despite the resilience of the economy and the potential for higher long-term yields, maintaining an optimistic outlook on small-cap stocks is challenging [5]