高盛：对冲基金趋势监测：进行选择性投资

Investment Rating - The report does not explicitly provide an investment rating for the hedge fund industry but indicates a positive performance trend with hedge funds achieving a +3% YTD return and a +10% return for the Hedge Fund VIP list [2][12][13]. Core Insights - Hedge funds are becoming more selective in their investments, particularly rotating away from Financials and increasing exposure to Health Care and Communication Services [4][11]. - The average US long/short equity hedge fund has delivered a +3% YTD return, with popular long positions outperforming concentrated shorts in most sectors [2][12]. - Hedge funds are focusing on stocks related to AI and potential deregulation, with notable increases in positions for companies like CRM and NOW [4][48]. Performance, Leverage, and Short Interest - Hedge funds have lifted gross and net leverage, with gross leverage at 284%, ranking in the 99th percentile compared to the last five years [23]. - The median S&P 500 stock has a short interest of 2.0% of market cap, the highest level since 2020 [24][29]. - Hedge fund long positions have outperformed the S&P 500 by 11 percentage points over the last six months, marking the largest magnitude of outperformance since 2021 [12][20]. Sector Positions - Hedge funds have reduced their net tilt towards Financials, which have rallied +12% since the 2024 presidential election, while increasing exposure to Health Care and Communication Services [11]. - The report highlights that many Financials stocks still appear on the Hedge Fund VIP list, indicating selective interest despite the overall sector reduction [11][4]. Thematic and Factor Tilts - Hedge funds have increased ownership in potential deregulation beneficiaries and stocks with domestic sales, while reducing exposure to companies with significant China supply chain risks [48]. - The report notes a significant increase in hedge fund positions in AI-enabled revenue stocks, with the Software industry now representing 11% of hedge fund long portfolios, the largest weight since Q3 2023 [4][48].