Goldman sees more pain for Facebook stock on hedge fund exodus
A violent unwinding of popular positions is one feature that has set the recent market rout apart from the one in February.
As fears built over interest rates, global trade and corporate profits, hedge fund managers have cut back risk, taking profits on winners such as technology and pivoting to industries that offer stable income and dividends like healthcare.
Among the health-care companies that saw increased fund ownership were Medtronic PLC, Express Scripts Holding Co, and Becton, Dickinson and Co.
Meanwhile, money managers raised holdings in utilities above their market representation for the first time since the 2008 global financial crisis.
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