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With recession fears at a fever pitch and market liquidity still scarce, hedge fund favorites are"particularly vulnerable" if there's an unwind, Goldman's equity strategists said.Hedge funds have long crowded into the best-performing stocks in the market. This behavior has recently picked up again after cooling down, according to Goldman Sachs' hedge fund crowding index. Now that recession fears are at a fever pitch, the firm is warning that hedge funds' favorite stocks are particularly vulnerable if there's aIn a recent note, a team of equity strategists including Ben Snider spelled out why funds could be severely punished if there's a rush for the exits.
This combination of high concentration and low turnover has fueled the strong performance of momentum factor investing, a style that involves buying stocks that have recently outperformed and selling the laggards. Goldman's long/short momentum factor has returned 13% in August, tracking its best monthly performance in 10 years.Funds were skittish about debt earlier, as the market sold off to start this year.
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