Hedge funds flock to Europe, ditch US stocks

Halifax police investigating Monday morning Dartmouth death as suspicious | SaltWire #newsupdateNEW YORK - Global hedge funds have been adding European stocks to their portfolios this year while trimming their exposure to North America amid an ongoing debate over how expensive U.S. equities are, Morgan Stanley's proprietary data showed.

Hedge funds"have bought EU equities in nearly 70% of the trading sessions since the Euro STOXX 600 began its rally in mid-January," Morgan Stanley said. Following the acquisitions, hedge funds portfolio exposure to Europe has grown from below 17% at the end of 2023 to roughly 19%. As one of the biggest global prime brokerages providing services to hedge funds, Morgan Stanley tracks its clients' money flow to show trends.

Michael Wilson, Morgan Stanley's equity strategist, said further multiple expansions in U.S. equities depends on better earnings outlooks for this and next year."We think this rally has been mostly about looser financial conditions and falling cost of capital as a result of the Fed's 4Q dovish shift," he wrote.

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