Equity hedge funds cut risk in portfolios, less confidence in rallies
© Reuters. FILE PHOTO: Four thousand U.S. dollars are counted out by a banker counting currency at a bank in Westminster, Colorado November 3, 2009. REUTERS/Rick Wilking/File Photo
"The notion that rates will stay higher for longer is much more accepted today than when the Federal Reserve was continuously hiking in late 2021/2022," PivotalPath Chief Executive Officer Jon Caplis. "While these higher rates haven't necessarily been fully discounted into lower valuations, they have generally decreased confidence."
The funds' beta, or the volatility of its returns in comparison to the S&P, amounts currently to 0.3, versus a historical mean since 2008 of 0.43. A higher beta denotes more sensitivity.
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