news

한어Русский языкEnglishFrançaisIndonesianSanskrit日本語DeutschPortuguêsΕλληνικάespañolItalianoSuomalainenLatina

According to the latest brokerage data from Goldman Sachs, global stock markets received moderate net buying of funds on Monday, with long buying exceeding short selling, as global markets experienced "Black Monday".

Looking at the different regions, hedge funds bought on dips when the U.S. stock market plummeted. It is worth noting that:North America was the only region in the world to see net buying, with all other regions seeing net selling, albeit on a relatively modest nominal basis.

Buying in the U.S. stock market came from individual stocks, with hedge funds' net buying of individual stocks the largest in about five months, driven mainly by long buying, with less short-term capital flows.

By industry,8 of 11 sectors in the US stock market saw net buying, led by information technology + defensive stocks, defensive stocks included sectors such as healthcare, staples, utilities, while consumer staples, real estate and financials were net sellers.

Information technology stocks saw their biggest one-day net buying since mid-June, driven by a combination of long buying and short covering.Almost all technology sub-sectors saw net buying on Monday, with semiconductors and semiconductor equipment and software seeing the largest buying. However, the technology sub-sector of technology hardware saw no net buying.

Despite the aggressive buying of information technology stocks by hedge funds on Monday, the current long/short ratio of the U.S. information technology sector is still 1.81, close to 1-year and 5-year lows. Specifically, the ratio is currently in the 3rd percentile, which means it is lower than 97% of all values ​​recorded in these two time periods.Therefore more buying is needed to catch up to the average.

Looking at the situation of Goldman Sachs' brokerage clients, their holdings in the information technology sector are 12.6% lower than the S&P 500, which is still one of the lightest levels in more than a decade.

Outside of the United States, other regions have not felt the same favor from hedge funds.Japanese stocks were slightly net sold despite a sharp sell-off on Monday, with the Nikkei tumbling 12%., fund flows were orderly, short selling slightly exceeded long buying, and net selling of macro products was largely offset by net buying of individual stocks.

Data released by Goldman Sachs yesterday showed that as of last Friday, hedge funds had been net sellers of U.S. stocks for eight consecutive weeks, with net selling of indexes and ETFs driven by short selling.

Financial blog Zerohedge mentioned that looking at the recent performance indicators of hedge funds, there are some noteworthy things: although fundamental funds suffered a heavy blow last week, their performance returned to the level of March, while systematic funds were basically not affected much in the big drop. In addition, after a few days of market shocks, hedge funds have reduced their position exposure, which is in line with expectations.

Judging from the latest data from Goldman Sachs, hedge funds do not seem to be overly concerned about the fundamental factors that caused the recent market crash, which is inconsistent with the warnings of Wall Street investment banks. For example, Bank of America recommends that investors decisively sell their assets when the Federal Reserve cuts interest rates for the first time, believing that the market's expectations for interest rate cuts are too optimistic and that the Federal Reserve's first interest rate cut will lead to a "harder landing." JPMorgan Chase warned investors not to buy at the bottom, saying it is unwise to fight inertia.

On Tuesday, U.S. stocks rebounded sharply, with the S&P 500 index rising more than 2% during intraday trading. The technology, real estate, finance, industrial and telecommunications sectors rose by more than 2%.