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Did hedge funds score on masks and sanitizer? Not so much

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), according to a Reuters review of regulatory filings compiled by research firm Symmetricio showing stock positions as of March 31 Hedge funds, on a net basis, sold off more than $760 million in tho

se three stocks over the first quarter, according to Symmetricio data, bringing the number of funds that own them down to 225 from 230

Playing the pandemic, investors said, was difficult amid roller-coaster trading fueled by fears of the virus’ spread, surging unemployment rates, tumbling oil prices and government stimulus spending By the end of March, the S&P 500 stock index had ended its 11-year bull market run and was off around 20% for the year

St Paul, Minnesota-based 3M, for example, became a household mask name as people around the country raced to hardware stores and online to buy the company’s N95 products But the company’s stock price is off 154% this year as mask sales make up only a small portion of revenue, broadly hit as products for the manufacturing sector lagged as factories like automakers were shut down

Maverick, already a top holder, added to its stake in the first quarter and Arrowstreet Capital, put on a new position, filings show Still, Honeywell’s stock price is off 243%, more than the S&P 500’s roughly 8% loss this yearBalyasny and Arrowstreet were among the hedge funds to initiate investments over the first quarter in protective clothing maker Lakeland Industries , valued at $108 million Lakeland’s stock price is up 26% this...

 

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