US hedge funds are running their most cautious bets on stock prices in more than a decade, in a sign that many managers believe market declines may yet have further to run.
By the middle of this month, US funds had cut their net exposure — the difference between bets on rising prices and bets on falling prices — to around their lowest level since at least 2010, according to a Morgan Stanley note sent to clients. Funds in Europe and Asia, meanwhile, cut their bets to around the lowest level of the past year.
The caution comes as a number of top managers appear to be taking bearish positions in their portfolios, even though the S&P 500 has already dropped 18 per cent this year and the Stoxx 600 has lost more than 15 per cent.
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