Hedge funds have slashed their bets on a rising US stock market to the lowest level in at least a decade and pivoted to Europe over concern about the resilience of the US tech-led rally.
Prime brokerage data from Goldman Sachs shows that hedge funds have the lowest weighting to the US stock market since the records began in 2013 while raising their bets on European stocks to the highest ever level.
Alison Savas, investment director at Australia-based Antipodes Partners, said the US rally led by the likes of Nvidia, Apple and Amazon had left some companies looking overvalued relative to their earnings potential.
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