Hedge funds continued to sell global equities for a third consecutive month in June, marking the fastest pace of selling since June 2022, according to Goldman Sachs’ prime brokerage desk. The sales were chiefly driven by short sales, as overall long flows remained relatively flat, Goldman said in a note.
Macro products, including indices and exchange-traded funds , were marginally net bought in June, driven by risk unwinds with short covers slightly exceeding long sales. Excluding mark-to-market adjustments, US-listed ETF shorts on the Prime book decreased by 6.8% in June, with significant short covering in Small Cap Equity, Financials, Industrials, Real Estate, and Health Care ETFs.
In regional activity, hedge funds sold developed market Asia stocks for the first time in six months and at the fastest pace since September. All DM Asia markets were net sold, led by Singapore, Australia, Hong Kong, and Japan. North America and Europe also saw net selling in notional terms. Chinese equities were net sold for the second month in a row, with net selling in American Depositary Receipts and H-shares surpassing net buying in A-shares.
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