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Goldman Sachs institutional brokerage data shows that "smart money" has recently been fleeing the U.S. stock market and pouring into stock markets in China and other emerging Asian markets.

Hedge funds sold global stocks overall for the third week in a row, according to Goldman Sachs prime brokerage data as of Friday, August 2. The funds sold more North American stocks than they bought stocks in other regions.

By region, Goldman Sachs data shows that emerging Asian markets are the region with the largest net stock purchases by hedge funds. As of Friday, hedge funds' purchases of Chinese stocks were net purchases for the first time in three weeks, and the largest net purchases in two months.

Looking at the products, Goldman Sachs data showed that hedge funds' investment in macro products such as indexes and ETFs was net selling for the second consecutive week, mainly short selling, with little net capital activity in individual stocks.

Looking at the industry, Goldman Sachs data shows that venture capital positions were closed in seven of the world's 11 sectors. Hedge funds sold stocks in the global healthcare sector at the fastest rate since August 2023, with long selling being the main focus.

At the same time, consumer discretionary was the sector with the largest net buying of hedge fund funds, with fund investments in the sector showing net buying in four of the last five weeks.

At the sub-sector level, hotels, restaurants and leisure, general retail, textiles, apparel and luxury goods were the sectors with the most net buying. Among the selling sectors, hedge funds continued to withdraw funds from consumer staples, with investment flows in the sector showing net selling in seven of the last eight weeks.

Wall Street News mentioned last week that the U.S. stock market has experienced a "historic shift", and investors are shifting their allocation of funds from technology stocks to other sectors that have lagged behind in the past. However, consumer staples have not been able to catch the ride of the U.S. stock rotation.

Why are consumer stocks “unable to rise”? From the perspective of financial reports, the financial reports of companies in the U.S. consumer staples industry show that pricing power is uneven, especially the low-income consumer groups in the United States are already tired of high prices, which to some extent weakens the traditional defensive position of this sector in the investment portfolio.