对冲基金趋势监测：尚未脱离困境

Hedge fund crowding appears to have hampered alpha generation during the 2Q 2025 earnings season. An analysis of 82 quarters of hedge fund positioning and earnings results shows that the most popular hedge fund stocks tend to beat earnings estimates at a higher rate than the average S&P 500 stock, while the least popular stocks miss estimates more often. However, the data also show an increasingly negative relationship between hedge fund popularity and the magnitude of a stock's excess return immediately af ...