Hedge Fund Gross Leverage Hits All Time High As HFs Furiously Short Tech Stocks_老虎社区_美港股上老虎

Hedge Fund Gross Leverage Hits All Time High As HFs Furiously Short Tech Stocks

zerohedge2021-05-11

Hedge funds had another rough week according to Goldman's Prime Brokerage, with the GS Equity Fundamental L/S Performance Estimate falling -1.68% between 4/30 and 5/6 (vs MSCI World TR -0.33%), ...

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341

Joanneling
·2021-05-12
I hope that’s not the case [Cry]
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Yhlim
·2021-05-12
Please like and comment
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- 568b317:
  Pls do the same
  2021-05-12
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- PooYen:
  [Smile][Smile]
  2021-05-13
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- PooYen:
  Done
  2021-05-13
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Eaglewings
·2021-05-12
Technology is already defining our future and can anything change that?
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WZiYa
·2021-05-12
Good to know.
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- 乌雨花香:
  💪
  2021-05-12
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- WZiYa:
  Yeah!
  2021-05-12
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Yv777
·2021-05-12
Tech is the future
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arthurxyz
·2021-05-12
Valuation normalisation
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- 5ae880d4:
  Ok
  2021-05-12
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TerenceD
·2021-05-12
That’s 👍🏻
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Albaakbert
·2021-05-12
Short short SML please wear shirts
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District19
·2021-05-12
Comment
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- Amber96:
  Ok
  2021-05-12
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Heokbt
·2021-05-12
Short for 10 days
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andrew123
·2021-05-12
The more they short the more tech stk looks attractive to buy. Slowly accumulate . Look for rebounce when they need to buy back. Like n comment
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40c9acb5
·2021-05-12
Pls like and comment
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- SLYong:
  Reply pls
  2021-05-12
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- 40c9acb5:
  Done
  2021-05-12
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62dac398
·2021-05-12
Is there a data point on how much of invedtment on markets is leveraged?
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Jassss
·2021-05-12
Like and comment pls
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- Ongcj:
  Pls reply
  2021-05-12
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- Jassss:
  Ok
  2021-05-12
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- kctan:
  Ok
  2021-05-12
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stormlee
·2021-05-12
Comment & like pls
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- 100EMAS:
  Cool
  2021-05-12
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- Ongcj:
  Pls replY
  2021-05-12
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- stormlee:
  👌
  2021-05-12
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JCai
·2021-05-12
Like and comment pls
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- Joe0319:
  nice
  2021-05-12
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3e871257
·2021-05-12
Pls like n comment
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- Claire96:
  Comment
  2021-05-12
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- JCai:
  pls like and comment!
  2021-05-12
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- KFChen回复JCai:
  Like n comment pls
  2021-05-12
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PeggyOng
·2021-05-12
Like n comment
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- tanpy:
  ok
  2021-05-12
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BigMac8885
·2021-05-12
Pls like and comment
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- PeggyOng:
  Done
  2021-05-12
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- BigMac8885:
  ThaNks
  2021-05-12
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Flameon
·2021-05-12
Comment and like pls
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- BraveAAC:
  comment my comment too ty [爱你] [爱你] [爱你]
  2021-05-12
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As a result, global fundamental equity L/S hedge funds lost almost two-thirds of their YTD gains in just the past week, bringing their total YTD return to just 0.97% in what is setting up as another dismal year for the 2 and 20 crowd.What is remarkable is just how sensitive to overall market beta the hedge fund space has become, and there is a reason for that: according to Goldman Prime,overall book Gross leverage rose +1.7 pts to 247.1%, the highest on record,while Net leverage fell -0.9 pts to 88.2% (not quite an all time high, but still 87th percentile).Looking at the composition of hedge fund purchases,the overall GS Prime book was modestly net bought again in the past week(+0.15 SDs), driven by risk-on flows as long buys outpaced short sales. Specifically, single Names were net bought while Macro Products (Index and ETF combined) were net sold. North America and to a lesser extent Europe were net bought driven by long buys, while DM Asia and EM Asia were net sold driven by short sales. 8 of 11 global sectors were net bought led in $ terms by Consumer Disc, Health Care, Staples and Real Estate, while Info Tech, Materials, and Financials were net sold.Meanwhile, continuing the trend first observed last weekwhen we noted that hedge funds shorted tech sharesfor 9 of the previous 10 days, Goldman notes thatInfo Tech saw the largest net selling in nine months as managers reduced exposure for a third straight week.And in a surprise reversal to months of bullishness on IT, GS Prime points out that hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.Some more details from the Goldman reports:Info Tech, the worst performing sector this week,was also by far the most net sold sector on the GS Prime book driven by short sales outpacing long buys 7 to 1.Info Tech stocks were net sold for a third straight week and saw the largest week/week $ net selling since last August (-1.6 SDs). Net trading flow diverged on a subsector level – Semis & Semi Equip, Software, and Electronic Equip were the most net sold, while Comm Equip and IT Services were the most net bought.Hedge funds are currently U/W Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.From an industry group standpoint, hedge funds are still O/W Software & Svcs by +4.7% (28th percentile) and U/W Semis & Semi Equip and Tech Hardware by -1.6% (13th percentile) and -4.3% (18th percentile), respectivelyAnd while hedge funds shorted tech, the Goldman US Consumer Discretionary sector saw the largest net buying in three months driven by E-Commerce stocks. As a result, the GS Prime book is now O/W US Consumer Discretionary by +3.3% vs. the S&P 500,which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.In $ terms, Consumer Discretionary was the most net bought US sector on the GS Prime book this week, driven by risk-on flows with long buys outpacing short sales 4 to 1.The sector’s aggregate long/short ratio (MV) on the GS Prime book ended the week at 2.53, which is in the 2nd percentile vs. the past year and in the 77th percentile vs. the past five years. The GS Prime book is now O/W US Consumer Discretionary stocks by +3.3% vs. the S&P 500, which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[{"id":193791610,"gmtCreate":1620817290130,"gmtModify":1631890918368,"author":{"id":"3583289429679167","authorId":"3583289429679167","name":"Joanneling","avatar":"https://static.tigerbbs.com/2c901cec3e31d5b6dc4660a38ee16db0","vip":1,"crmLevel":11,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"3583289429679167","authorIdStr":"3583289429679167"},"htmlText":"I hope that’s not the case [Cry]&nbsp;","listText":"I hope that’s not the case [Cry]&nbsp;","text":"I hope that’s not the case [Cry]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/193791610","repostId":1148549916,"repostType":4,"repost":{"id":"1148549916","kind":"news","pubTimestamp":1620718159,"share":"https://www.laohunote.com/m/news/1148549916?lang=zh_CN&edition=full","pubTime":"2021-05-11 15:29","market":"us","language":"en","title":"Hedge Fund Gross Leverage Hits All Time High As HFs Furiously Short Tech Stocks<blockquote>HFs 疯狂做空科技股，对冲基金总杠杆创历史新高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1148549916","media":"zerohedge","summary":"Hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World, the lowest level since last November and in the 3rd percentile vs. the past five years.","content":"Hedge funds had another rough week according to Goldman's Prime Brokerage, with the GS Equity Fundamental L/S&nbsp; Performance Estimate falling -1.68% between 4/30 and 5/6 (vs MSCI World TR -0.33%), driven by alpha of -1.11% – the worst weekly alpha in two months – and to a lesser extent beta of -0.57% (from market exposure and the market sensitivity factor combined). As a result, global fundamental equity L/S hedge funds lost almost two-thirds of their YTD gains in just the past week, bringing their total YTD return to just 0.97% in what is setting up as another dismal year for the 2 and 20 crowd.<blockquote>根据高盛的主要经纪公司的数据，对冲基金又经历了艰难的一周，GS Equity基本面L/S业绩预期在4月30日至5月6日之间下跌了-1.68%（相对于摩根士丹利资本国际世界TR-0.33%），这是由-1.11%的alpha（两个月来最差的每周alpha）和-0.57%的贝塔（来自市场敞口和市场敏感性因素的结合）推动的。结果，全球基本面股票L/S对冲基金在过去一周就损失了近三分之二的年初至今收益，使其年初至今总回报率仅为0.97%，这对2岁和20岁的人群来说又是一个惨淡的一年。</blockquote><img src=\"https://static.tigerbbs.com/4c1d262955a001211ed92ecfceca5b3d\" tg-width=\"501\" tg-height=\"472\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>What is remarkable is just how sensitive to overall market beta the hedge fund space has become, and there is a reason for that: according to Goldman Prime,overall book Gross leverage rose +1.7 pts to 247.1%, the highest on record,while Net leverage fell -0.9 pts to 88.2% (not quite an all time high, but still 87th percentile).<blockquote>值得注意的是，对冲基金领域对整体市场贝塔值变得如此敏感，这是有原因的：根据高盛Prime的数据，整体账面总杠杆率上升 +1.7 个百分点至 247.1%，创历史新高，而净杠杆率下降-0.9个百分点至88.2%（虽然不是历史最高水平，但仍处于第87个百分位）。</blockquote><img src=\"https://static.tigerbbs.com/8e8665b4387577b4f2b41e5791e348b3\" tg-width=\"1087\" tg-height=\"487\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>Looking at the composition of hedge fund purchases,the overall GS Prime book was modestly net bought again in the past week(+0.15 SDs), driven by risk-on flows as long buys outpaced short sales. Specifically, single Names were net bought while Macro Products (Index and ETF combined) were net sold. North America and to a lesser extent Europe were net bought driven by long buys, while DM Asia and EM Asia were net sold driven by short sales. 8 of 11 global sectors were net bought led in $ terms by Consumer Disc, Health Care, Staples and Real Estate, while Info Tech, Materials, and Financials were net sold.<blockquote>从对冲基金购买的构成来看，过去一周，GS Prime book 的整体净购买量再次温和（+0.15 SDs），由风险流动驱动，因为多头买入超过了卖空。具体来说，单个名称被净买入，而宏观产品（指数和 ETF 合并）被净卖出。北美以及在较小程度上欧洲是由多头买入驱动的净买入，而DM Asia和EM Asia是由卖空驱动的净卖出。11个全球板块中有8个被净买入，以美元计算，其中消费光盘、医疗保健、必需品和房地产为首，而信息技术、材料和金融则被净卖出。</blockquote>Meanwhile, continuing the trend first observed last weekwhen we noted that hedge funds shorted tech sharesfor 9 of the previous 10 days, Goldman notes thatInfo Tech saw the largest net selling in nine months as managers reduced exposure for a third straight week.And in a surprise reversal to months of bullishness on IT, GS Prime points out that hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.<blockquote>与此同时，高盛继续上周首次观察到的趋势，当时我们注意到对冲基金在过去 10 天中有 9 天做空了科技股，高盛指出：由于经理们连续第三周减少敞口，信息技术行业出现了九个月来最大的净销售额。GS Prime 指出，对冲基金目前对跑输大盘信息科技股的看涨情绪出人意料地逆转，相对于 MSCI World，对冲基金的看涨情绪目前下跌了 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</blockquote>Some more details from the Goldman reports:<blockquote>高盛报告中的更多细节：</blockquote><ul><li>Info Tech, the worst performing sector this week,was also by far the most net sold sector on the GS Prime book driven by short sales outpacing long buys 7 to 1.</li><li>Info Tech stocks were net sold for a third straight week and saw the largest week/week $ net selling since last August (-1.6 SDs). Net trading flow diverged on a subsector level – Semis &amp; Semi Equip, Software, and Electronic Equip were the most net sold, while Comm Equip and IT Services were the most net bought.</li><li>Hedge funds are currently U/W Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.</li><li>From an industry group standpoint, hedge funds are still O/W Software &amp; Svcs by +4.7% (28th percentile) and U/W Semis &amp; Semi Equip and Tech Hardware by -1.6% (13th percentile) and -4.3% (18th percentile), respectively</li></ul><img src=\"https://static.tigerbbs.com/9fd6a23b77549f58ef41bd23b5de74c0\" tg-width=\"656\" tg-height=\"385\" referrerpolicy=\"no-referrer\">And while hedge funds shorted tech, the Goldman US Consumer Discretionary sector saw the largest net buying in three months driven by E-Commerce stocks. As a result, the GS Prime book is now O/W US Consumer Discretionary by +3.3% vs. the S&amp;P 500,which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.<blockquote><ul><li>信息技术是本周表现最差的板块，也是迄今为止 GS Prime book 净卖出最多的板块，其驱动力是卖空量以 7 比 1 超过多头买入。</li><li>信息科技股连续第三周净卖出，并出现自去年 8 月以来最大的周/周净卖出 (-1.6 SDs)。子行业层面的净交易流量有所不同——半成品和半设备、软件和电子设备是净卖出最多的，而通信设备和 IT 服务是净买入最多的。</li><li>与 MSCI World 相比，对冲基金目前持有信息科技股 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</li><li>从行业集团的角度来看，对冲基金仍然是O/W软件和SVC，增长了+4.7%（第28个百分位），U/W半设备和技术硬件分别增长了-1.6%（第13个百分位）和-4.3%（第18个百分位）</li></ul>尽管对冲基金做空科技股，但在电子商务股票的推动下，高盛美国非必需消费品行业出现了三个月来最大的净买入。因此，与标普500相比，GS Prime book 目前比美国非必需消费品上涨 +3.3%，与过去一年相比处于第 9 个百分位，与过去五年相比处于第 50 个百分位.</blockquote><ul><li>In $ terms, Consumer Discretionary was the most net bought US sector on the GS Prime book this week, driven by risk-on flows with long buys outpacing short sales 4 to 1.</li><li>The sector’s aggregate long/short ratio (MV) on the GS Prime book ended the week at 2.53, which is in the 2nd percentile vs. the past year and in the 77th percentile vs. the past five years. The GS Prime book is now O/W US Consumer Discretionary stocks by +3.3% vs. the S&amp;P 500, which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.</li></ul><img src=\"https://static.tigerbbs.com/f91bb2509f471f3239a9d3978a8a1581\" tg-width=\"656\" tg-height=\"383\" referrerpolicy=\"no-referrer\"><blockquote><ul><li>以美元计算，非必需消费品是本周 GS Prime book 上净买入最多的美国板块，受风险偏好资金的推动，多头买入数量超过卖空数量的 4 比 1。</li><li>GS Prime book 上该行业的总多空比率 (MV) 本周结束时为 2.53，与去年相比处于第 2 个百分位，与过去五年相比处于第 77 个百分位。与标普500相比，GS Prime book现在O/W美国非必需消费品库存+3.3%，与去年相比处于第9个百分位，与过去五年相比处于第50个百分位。</li></ul></blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hedge Fund Gross Leverage Hits All Time High As HFs Furiously Short Tech Stocks<blockquote>HFs 疯狂做空科技股，对冲基金总杠杆创历史新高</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHedge Fund Gross Leverage Hits All Time High As HFs Furiously Short Tech Stocks<blockquote>HFs 疯狂做空科技股，对冲基金总杠杆创历史新高</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nzerohedge2021-05-11 15:29\n\n</h4>\n</header>\n<article>\nHedge funds had another rough week according to Goldman's Prime Brokerage, with the GS Equity Fundamental L/S&nbsp; Performance Estimate falling -1.68% between 4/30 and 5/6 (vs MSCI World TR -0.33%), driven by alpha of -1.11% – the worst weekly alpha in two months – and to a lesser extent beta of -0.57% (from market exposure and the market sensitivity factor combined). As a result, global fundamental equity L/S hedge funds lost almost two-thirds of their YTD gains in just the past week, bringing their total YTD return to just 0.97% in what is setting up as another dismal year for the 2 and 20 crowd.<blockquote>根据高盛的主要经纪公司的数据，对冲基金又经历了艰难的一周，GS Equity基本面L/S业绩预期在4月30日至5月6日之间下跌了-1.68%（相对于摩根士丹利资本国际世界TR-0.33%），这是由-1.11%的alpha（两个月来最差的每周alpha）和-0.57%的贝塔（来自市场敞口和市场敏感性因素的结合）推动的。结果，全球基本面股票L/S对冲基金在过去一周就损失了近三分之二的年初至今收益，使其年初至今总回报率仅为0.97%，这对2岁和20岁的人群来说又是一个惨淡的一年。</blockquote><img src=\"https://static.tigerbbs.com/4c1d262955a001211ed92ecfceca5b3d\" tg-width=\"501\" tg-height=\"472\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>What is remarkable is just how sensitive to overall market beta the hedge fund space has become, and there is a reason for that: according to Goldman Prime,overall book Gross leverage rose +1.7 pts to 247.1%, the highest on record,while Net leverage fell -0.9 pts to 88.2% (not quite an all time high, but still 87th percentile).<blockquote>值得注意的是，对冲基金领域对整体市场贝塔值变得如此敏感，这是有原因的：根据高盛Prime的数据，整体账面总杠杆率上升 +1.7 个百分点至 247.1%，创历史新高，而净杠杆率下降-0.9个百分点至88.2%（虽然不是历史最高水平，但仍处于第87个百分位）。</blockquote><img src=\"https://static.tigerbbs.com/8e8665b4387577b4f2b41e5791e348b3\" tg-width=\"1087\" tg-height=\"487\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>Looking at the composition of hedge fund purchases,the overall GS Prime book was modestly net bought again in the past week(+0.15 SDs), driven by risk-on flows as long buys outpaced short sales. Specifically, single Names were net bought while Macro Products (Index and ETF combined) were net sold. North America and to a lesser extent Europe were net bought driven by long buys, while DM Asia and EM Asia were net sold driven by short sales. 8 of 11 global sectors were net bought led in $ terms by Consumer Disc, Health Care, Staples and Real Estate, while Info Tech, Materials, and Financials were net sold.<blockquote>从对冲基金购买的构成来看，过去一周，GS Prime book 的整体净购买量再次温和（+0.15 SDs），由风险流动驱动，因为多头买入超过了卖空。具体来说，单个名称被净买入，而宏观产品（指数和 ETF 合并）被净卖出。北美以及在较小程度上欧洲是由多头买入驱动的净买入，而DM Asia和EM Asia是由卖空驱动的净卖出。11个全球板块中有8个被净买入，以美元计算，其中消费光盘、医疗保健、必需品和房地产为首，而信息技术、材料和金融则被净卖出。</blockquote>Meanwhile, continuing the trend first observed last weekwhen we noted that hedge funds shorted tech sharesfor 9 of the previous 10 days, Goldman notes thatInfo Tech saw the largest net selling in nine months as managers reduced exposure for a third straight week.And in a surprise reversal to months of bullishness on IT, GS Prime points out that hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.<blockquote>与此同时，高盛继续上周首次观察到的趋势，当时我们注意到对冲基金在过去 10 天中有 9 天做空了科技股，高盛指出：由于经理们连续第三周减少敞口，信息技术行业出现了九个月来最大的净销售额。GS Prime 指出，对冲基金目前对跑输大盘信息科技股的看涨情绪出人意料地逆转，相对于 MSCI World，对冲基金的看涨情绪目前下跌了 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</blockquote>Some more details from the Goldman reports:<blockquote>高盛报告中的更多细节：</blockquote><ul><li>Info Tech, the worst performing sector this week,was also by far the most net sold sector on the GS Prime book driven by short sales outpacing long buys 7 to 1.</li><li>Info Tech stocks were net sold for a third straight week and saw the largest week/week $ net selling since last August (-1.6 SDs). Net trading flow diverged on a subsector level – Semis &amp; Semi Equip, Software, and Electronic Equip were the most net sold, while Comm Equip and IT Services were the most net bought.</li><li>Hedge funds are currently U/W Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.</li><li>From an industry group standpoint, hedge funds are still O/W Software &amp; Svcs by +4.7% (28th percentile) and U/W Semis &amp; Semi Equip and Tech Hardware by -1.6% (13th percentile) and -4.3% (18th percentile), respectively</li></ul><img src=\"https://static.tigerbbs.com/9fd6a23b77549f58ef41bd23b5de74c0\" tg-width=\"656\" tg-height=\"385\" referrerpolicy=\"no-referrer\">And while hedge funds shorted tech, the Goldman US Consumer Discretionary sector saw the largest net buying in three months driven by E-Commerce stocks. As a result, the GS Prime book is now O/W US Consumer Discretionary by +3.3% vs. the S&amp;P 500,which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.<blockquote><ul><li>信息技术是本周表现最差的板块，也是迄今为止 GS Prime book 净卖出最多的板块，其驱动力是卖空量以 7 比 1 超过多头买入。</li><li>信息科技股连续第三周净卖出，并出现自去年 8 月以来最大的周/周净卖出 (-1.6 SDs)。子行业层面的净交易流量有所不同——半成品和半设备、软件和电子设备是净卖出最多的，而通信设备和 IT 服务是净买入最多的。</li><li>与 MSCI World 相比，对冲基金目前持有信息科技股 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</li><li>从行业集团的角度来看，对冲基金仍然是O/W软件和SVC，增长了+4.7%（第28个百分位），U/W半设备和技术硬件分别增长了-1.6%（第13个百分位）和-4.3%（第18个百分位）</li></ul>尽管对冲基金做空科技股，但在电子商务股票的推动下，高盛美国非必需消费品行业出现了三个月来最大的净买入。因此，与标普500相比，GS Prime book 目前比美国非必需消费品上涨 +3.3%，与过去一年相比处于第 9 个百分位，与过去五年相比处于第 50 个百分位.</blockquote><ul><li>In $ terms, Consumer Discretionary was the most net bought US sector on the GS Prime book this week, driven by risk-on flows with long buys outpacing short sales 4 to 1.</li><li>The sector’s aggregate long/short ratio (MV) on the GS Prime book ended the week at 2.53, which is in the 2nd percentile vs. the past year and in the 77th percentile vs. the past five years. The GS Prime book is now O/W US Consumer Discretionary stocks by +3.3% vs. the S&amp;P 500, which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.</li></ul><img src=\"https://static.tigerbbs.com/f91bb2509f471f3239a9d3978a8a1581\" tg-width=\"656\" tg-height=\"383\" referrerpolicy=\"no-referrer\"><blockquote><ul><li>以美元计算，非必需消费品是本周 GS Prime book 上净买入最多的美国板块，受风险偏好资金的推动，多头买入数量超过卖空数量的 4 比 1。</li><li>GS Prime book 上该行业的总多空比率 (MV) 本周结束时为 2.53，与去年相比处于第 2 个百分位，与过去五年相比处于第 77 个百分位。与标普500相比，GS Prime book现在O/W美国非必需消费品库存+3.3%，与去年相比处于第9个百分位，与过去五年相比处于第50个百分位。</li></ul></blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.zerohedge.com/markets/hedge-fund-gross-leverage-hits-all-time-high-hfs-furiously-short-tech-stocks\">zerohedge</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","NDX":"纳斯达克100指数"},"source_url":"https://www.zerohedge.com/markets/hedge-fund-gross-leverage-hits-all-time-high-hfs-furiously-short-tech-stocks","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148549916","content_text":"Hedge funds had another rough week according to Goldman's Prime Brokerage, with the GS Equity Fundamental L/S  Performance Estimate falling -1.68% between 4/30 and 5/6 (vs MSCI World TR -0.33%), driven by alpha of -1.11% – the worst weekly alpha in two months – and to a lesser extent beta of -0.57% (from market exposure and the market sensitivity factor combined). As a result, global fundamental equity L/S hedge funds lost almost two-thirds of their YTD gains in just the past week, bringing their total YTD return to just 0.97% in what is setting up as another dismal year for the 2 and 20 crowd.What is remarkable is just how sensitive to overall market beta the hedge fund space has become, and there is a reason for that: according to Goldman Prime,overall book Gross leverage rose +1.7 pts to 247.1%, the highest on record,while Net leverage fell -0.9 pts to 88.2% (not quite an all time high, but still 87th percentile).Looking at the composition of hedge fund purchases,the overall GS Prime book was modestly net bought again in the past week(+0.15 SDs), driven by risk-on flows as long buys outpaced short sales. Specifically, single Names were net bought while Macro Products (Index and ETF combined) were net sold. North America and to a lesser extent Europe were net bought driven by long buys, while DM Asia and EM Asia were net sold driven by short sales. 8 of 11 global sectors were net bought led in $ terms by Consumer Disc, Health Care, Staples and Real Estate, while Info Tech, Materials, and Financials were net sold.Meanwhile, continuing the trend first observed last weekwhen we noted that hedge funds shorted tech sharesfor 9 of the previous 10 days, Goldman notes thatInfo Tech saw the largest net selling in nine months as managers reduced exposure for a third straight week.And in a surprise reversal to months of bullishness on IT, GS Prime points out that hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.Some more details from the Goldman reports:Info Tech, the worst performing sector this week,was also by far the most net sold sector on the GS Prime book driven by short sales outpacing long buys 7 to 1.Info Tech stocks were net sold for a third straight week and saw the largest week/week $ net selling since last August (-1.6 SDs). Net trading flow diverged on a subsector level – Semis & Semi Equip, Software, and Electronic Equip were the most net sold, while Comm Equip and IT Services were the most net bought.Hedge funds are currently U/W Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.From an industry group standpoint, hedge funds are still O/W Software & Svcs by +4.7% (28th percentile) and U/W Semis & Semi Equip and Tech Hardware by -1.6% (13th percentile) and -4.3% (18th percentile), respectivelyAnd while hedge funds shorted tech, the Goldman US Consumer Discretionary sector saw the largest net buying in three months driven by E-Commerce stocks. As a result, the GS Prime book is now O/W US Consumer Discretionary by +3.3% vs. the S&P 500,which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.In $ terms, Consumer Discretionary was the most net bought US sector on the GS Prime book this week, driven by risk-on flows with long buys outpacing short sales 4 to 1.The sector’s aggregate long/short ratio (MV) on the GS Prime book ended the week at 2.53, which is in the 2nd percentile vs. the past year and in the 77th percentile vs. the past five years. The GS Prime book is now O/W US Consumer Discretionary stocks by +3.3% vs. the S&P 500, which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.","news_type":1,"symbols_score_info":{".IXIC":0.9,"NDX":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":193236742,"gmtCreate":1620789440686,"gmtModify":1634196276672,"author":{"id":"3570434144752062","authorId":"3570434144752062","name":"Yhlim","avatar":"https://static.tigerbbs.com/9b57fd81ec2f943dd0c5ef901fdd1b67","vip":1,"crmLevel":11,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"3570434144752062","authorIdStr":"3570434144752062"},"htmlText":"Please like and comment&nbsp;","listText":"Please like and comment&nbsp;","text":"Please like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/193236742","repostId":1148549916,"repostType":4,"repost":{"id":"1148549916","kind":"news","pubTimestamp":1620718159,"share":"https://www.laohunote.com/m/news/1148549916?lang=zh_CN&edition=full","pubTime":"2021-05-11 15:29","market":"us","language":"en","title":"Hedge Fund Gross Leverage Hits All Time High As HFs Furiously Short Tech Stocks<blockquote>HFs 疯狂做空科技股，对冲基金总杠杆创历史新高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1148549916","media":"zerohedge","summary":"Hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World, the lowest level since last November and in the 3rd percentile vs. the past five years.","content":"Hedge funds had another rough week according to Goldman's Prime Brokerage, with the GS Equity Fundamental L/S&nbsp; Performance Estimate falling -1.68% between 4/30 and 5/6 (vs MSCI World TR -0.33%), driven by alpha of -1.11% – the worst weekly alpha in two months – and to a lesser extent beta of -0.57% (from market exposure and the market sensitivity factor combined). As a result, global fundamental equity L/S hedge funds lost almost two-thirds of their YTD gains in just the past week, bringing their total YTD return to just 0.97% in what is setting up as another dismal year for the 2 and 20 crowd.<blockquote>根据高盛的主要经纪公司的数据，对冲基金又经历了艰难的一周，GS Equity基本面L/S业绩预期在4月30日至5月6日之间下跌了-1.68%（相对于摩根士丹利资本国际世界TR-0.33%），这是由-1.11%的alpha（两个月来最差的每周alpha）和-0.57%的贝塔（来自市场敞口和市场敏感性因素的结合）推动的。结果，全球基本面股票L/S对冲基金在过去一周就损失了近三分之二的年初至今收益，使其年初至今总回报率仅为0.97%，这对2岁和20岁的人群来说又是一个惨淡的一年。</blockquote><img src=\"https://static.tigerbbs.com/4c1d262955a001211ed92ecfceca5b3d\" tg-width=\"501\" tg-height=\"472\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>What is remarkable is just how sensitive to overall market beta the hedge fund space has become, and there is a reason for that: according to Goldman Prime,overall book Gross leverage rose +1.7 pts to 247.1%, the highest on record,while Net leverage fell -0.9 pts to 88.2% (not quite an all time high, but still 87th percentile).<blockquote>值得注意的是，对冲基金领域对整体市场贝塔值变得如此敏感，这是有原因的：根据高盛Prime的数据，整体账面总杠杆率上升 +1.7 个百分点至 247.1%，创历史新高，而净杠杆率下降-0.9个百分点至88.2%（虽然不是历史最高水平，但仍处于第87个百分位）。</blockquote><img src=\"https://static.tigerbbs.com/8e8665b4387577b4f2b41e5791e348b3\" tg-width=\"1087\" tg-height=\"487\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>Looking at the composition of hedge fund purchases,the overall GS Prime book was modestly net bought again in the past week(+0.15 SDs), driven by risk-on flows as long buys outpaced short sales. Specifically, single Names were net bought while Macro Products (Index and ETF combined) were net sold. North America and to a lesser extent Europe were net bought driven by long buys, while DM Asia and EM Asia were net sold driven by short sales. 8 of 11 global sectors were net bought led in $ terms by Consumer Disc, Health Care, Staples and Real Estate, while Info Tech, Materials, and Financials were net sold.<blockquote>从对冲基金购买的构成来看，过去一周，GS Prime book 的整体净购买量再次温和（+0.15 SDs），由风险流动驱动，因为多头买入超过了卖空。具体来说，单个名称被净买入，而宏观产品（指数和 ETF 合并）被净卖出。北美以及在较小程度上欧洲是由多头买入驱动的净买入，而DM Asia和EM Asia是由卖空驱动的净卖出。11个全球板块中有8个被净买入，以美元计算，其中消费光盘、医疗保健、必需品和房地产为首，而信息技术、材料和金融则被净卖出。</blockquote>Meanwhile, continuing the trend first observed last weekwhen we noted that hedge funds shorted tech sharesfor 9 of the previous 10 days, Goldman notes thatInfo Tech saw the largest net selling in nine months as managers reduced exposure for a third straight week.And in a surprise reversal to months of bullishness on IT, GS Prime points out that hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.<blockquote>与此同时，高盛继续上周首次观察到的趋势，当时我们注意到对冲基金在过去 10 天中有 9 天做空了科技股，高盛指出：由于经理们连续第三周减少敞口，信息技术行业出现了九个月来最大的净销售额。GS Prime 指出，对冲基金目前对跑输大盘信息科技股的看涨情绪出人意料地逆转，相对于 MSCI World，对冲基金的看涨情绪目前下跌了 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</blockquote>Some more details from the Goldman reports:<blockquote>高盛报告中的更多细节：</blockquote><ul><li>Info Tech, the worst performing sector this week,was also by far the most net sold sector on the GS Prime book driven by short sales outpacing long buys 7 to 1.</li><li>Info Tech stocks were net sold for a third straight week and saw the largest week/week $ net selling since last August (-1.6 SDs). Net trading flow diverged on a subsector level – Semis &amp; Semi Equip, Software, and Electronic Equip were the most net sold, while Comm Equip and IT Services were the most net bought.</li><li>Hedge funds are currently U/W Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.</li><li>From an industry group standpoint, hedge funds are still O/W Software &amp; Svcs by +4.7% (28th percentile) and U/W Semis &amp; Semi Equip and Tech Hardware by -1.6% (13th percentile) and -4.3% (18th percentile), respectively</li></ul><img src=\"https://static.tigerbbs.com/9fd6a23b77549f58ef41bd23b5de74c0\" tg-width=\"656\" tg-height=\"385\" referrerpolicy=\"no-referrer\">And while hedge funds shorted tech, the Goldman US Consumer Discretionary sector saw the largest net buying in three months driven by E-Commerce stocks. As a result, the GS Prime book is now O/W US Consumer Discretionary by +3.3% vs. the S&amp;P 500,which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.<blockquote><ul><li>信息技术是本周表现最差的板块，也是迄今为止 GS Prime book 净卖出最多的板块，其驱动力是卖空量以 7 比 1 超过多头买入。</li><li>信息科技股连续第三周净卖出，并出现自去年 8 月以来最大的周/周净卖出 (-1.6 SDs)。子行业层面的净交易流量有所不同——半成品和半设备、软件和电子设备是净卖出最多的，而通信设备和 IT 服务是净买入最多的。</li><li>与 MSCI World 相比，对冲基金目前持有信息科技股 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</li><li>从行业集团的角度来看，对冲基金仍然是O/W软件和SVC，增长了+4.7%（第28个百分位），U/W半设备和技术硬件分别增长了-1.6%（第13个百分位）和-4.3%（第18个百分位）</li></ul>尽管对冲基金做空科技股，但在电子商务股票的推动下，高盛美国非必需消费品行业出现了三个月来最大的净买入。因此，与标普500相比，GS Prime book 目前比美国非必需消费品上涨 +3.3%，与过去一年相比处于第 9 个百分位，与过去五年相比处于第 50 个百分位.</blockquote><ul><li>In $ terms, Consumer Discretionary was the most net bought US sector on the GS Prime book this week, driven by risk-on flows with long buys outpacing short sales 4 to 1.</li><li>The sector’s aggregate long/short ratio (MV) on the GS Prime book ended the week at 2.53, which is in the 2nd percentile vs. the past year and in the 77th percentile vs. the past five years. The GS Prime book is now O/W US Consumer Discretionary stocks by +3.3% vs. the S&amp;P 500, which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.</li></ul><img src=\"https://static.tigerbbs.com/f91bb2509f471f3239a9d3978a8a1581\" tg-width=\"656\" tg-height=\"383\" referrerpolicy=\"no-referrer\"><blockquote><ul><li>以美元计算，非必需消费品是本周 GS Prime book 上净买入最多的美国板块，受风险偏好资金的推动，多头买入数量超过卖空数量的 4 比 1。</li><li>GS Prime book 上该行业的总多空比率 (MV) 本周结束时为 2.53，与去年相比处于第 2 个百分位，与过去五年相比处于第 77 个百分位。与标普500相比，GS Prime book现在O/W美国非必需消费品库存+3.3%，与去年相比处于第9个百分位，与过去五年相比处于第50个百分位。</li></ul></blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hedge Fund Gross Leverage Hits All Time High As HFs Furiously Short Tech Stocks<blockquote>HFs 疯狂做空科技股，对冲基金总杠杆创历史新高</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHedge Fund Gross Leverage Hits All Time High As HFs Furiously Short Tech Stocks<blockquote>HFs 疯狂做空科技股，对冲基金总杠杆创历史新高</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nzerohedge2021-05-11 15:29\n\n</h4>\n</header>\n<article>\nHedge funds had another rough week according to Goldman's Prime Brokerage, with the GS Equity Fundamental L/S&nbsp; Performance Estimate falling -1.68% between 4/30 and 5/6 (vs MSCI World TR -0.33%), driven by alpha of -1.11% – the worst weekly alpha in two months – and to a lesser extent beta of -0.57% (from market exposure and the market sensitivity factor combined). As a result, global fundamental equity L/S hedge funds lost almost two-thirds of their YTD gains in just the past week, bringing their total YTD return to just 0.97% in what is setting up as another dismal year for the 2 and 20 crowd.<blockquote>根据高盛的主要经纪公司的数据，对冲基金又经历了艰难的一周，GS Equity基本面L/S业绩预期在4月30日至5月6日之间下跌了-1.68%（相对于摩根士丹利资本国际世界TR-0.33%），这是由-1.11%的alpha（两个月来最差的每周alpha）和-0.57%的贝塔（来自市场敞口和市场敏感性因素的结合）推动的。结果，全球基本面股票L/S对冲基金在过去一周就损失了近三分之二的年初至今收益，使其年初至今总回报率仅为0.97%，这对2岁和20岁的人群来说又是一个惨淡的一年。</blockquote><img src=\"https://static.tigerbbs.com/4c1d262955a001211ed92ecfceca5b3d\" tg-width=\"501\" tg-height=\"472\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>What is remarkable is just how sensitive to overall market beta the hedge fund space has become, and there is a reason for that: according to Goldman Prime,overall book Gross leverage rose +1.7 pts to 247.1%, the highest on record,while Net leverage fell -0.9 pts to 88.2% (not quite an all time high, but still 87th percentile).<blockquote>值得注意的是，对冲基金领域对整体市场贝塔值变得如此敏感，这是有原因的：根据高盛Prime的数据，整体账面总杠杆率上升 +1.7 个百分点至 247.1%，创历史新高，而净杠杆率下降-0.9个百分点至88.2%（虽然不是历史最高水平，但仍处于第87个百分位）。</blockquote><img src=\"https://static.tigerbbs.com/8e8665b4387577b4f2b41e5791e348b3\" tg-width=\"1087\" tg-height=\"487\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>Looking at the composition of hedge fund purchases,the overall GS Prime book was modestly net bought again in the past week(+0.15 SDs), driven by risk-on flows as long buys outpaced short sales. Specifically, single Names were net bought while Macro Products (Index and ETF combined) were net sold. North America and to a lesser extent Europe were net bought driven by long buys, while DM Asia and EM Asia were net sold driven by short sales. 8 of 11 global sectors were net bought led in $ terms by Consumer Disc, Health Care, Staples and Real Estate, while Info Tech, Materials, and Financials were net sold.<blockquote>从对冲基金购买的构成来看，过去一周，GS Prime book 的整体净购买量再次温和（+0.15 SDs），由风险流动驱动，因为多头买入超过了卖空。具体来说，单个名称被净买入，而宏观产品（指数和 ETF 合并）被净卖出。北美以及在较小程度上欧洲是由多头买入驱动的净买入，而DM Asia和EM Asia是由卖空驱动的净卖出。11个全球板块中有8个被净买入，以美元计算，其中消费光盘、医疗保健、必需品和房地产为首，而信息技术、材料和金融则被净卖出。</blockquote>Meanwhile, continuing the trend first observed last weekwhen we noted that hedge funds shorted tech sharesfor 9 of the previous 10 days, Goldman notes thatInfo Tech saw the largest net selling in nine months as managers reduced exposure for a third straight week.And in a surprise reversal to months of bullishness on IT, GS Prime points out that hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.<blockquote>与此同时，高盛继续上周首次观察到的趋势，当时我们注意到对冲基金在过去 10 天中有 9 天做空了科技股，高盛指出：由于经理们连续第三周减少敞口，信息技术行业出现了九个月来最大的净销售额。GS Prime 指出，对冲基金目前对跑输大盘信息科技股的看涨情绪出人意料地逆转，相对于 MSCI World，对冲基金的看涨情绪目前下跌了 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</blockquote>Some more details from the Goldman reports:<blockquote>高盛报告中的更多细节：</blockquote><ul><li>Info Tech, the worst performing sector this week,was also by far the most net sold sector on the GS Prime book driven by short sales outpacing long buys 7 to 1.</li><li>Info Tech stocks were net sold for a third straight week and saw the largest week/week $ net selling since last August (-1.6 SDs). Net trading flow diverged on a subsector level – Semis &amp; Semi Equip, Software, and Electronic Equip were the most net sold, while Comm Equip and IT Services were the most net bought.</li><li>Hedge funds are currently U/W Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.</li><li>From an industry group standpoint, hedge funds are still O/W Software &amp; Svcs by +4.7% (28th percentile) and U/W Semis &amp; Semi Equip and Tech Hardware by -1.6% (13th percentile) and -4.3% (18th percentile), respectively</li></ul><img src=\"https://static.tigerbbs.com/9fd6a23b77549f58ef41bd23b5de74c0\" tg-width=\"656\" tg-height=\"385\" referrerpolicy=\"no-referrer\">And while hedge funds shorted tech, the Goldman US Consumer Discretionary sector saw the largest net buying in three months driven by E-Commerce stocks. As a result, the GS Prime book is now O/W US Consumer Discretionary by +3.3% vs. the S&amp;P 500,which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.<blockquote><ul><li>信息技术是本周表现最差的板块，也是迄今为止 GS Prime book 净卖出最多的板块，其驱动力是卖空量以 7 比 1 超过多头买入。</li><li>信息科技股连续第三周净卖出，并出现自去年 8 月以来最大的周/周净卖出 (-1.6 SDs)。子行业层面的净交易流量有所不同——半成品和半设备、软件和电子设备是净卖出最多的，而通信设备和 IT 服务是净买入最多的。</li><li>与 MSCI World 相比，对冲基金目前持有信息科技股 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</li><li>从行业集团的角度来看，对冲基金仍然是O/W软件和SVC，增长了+4.7%（第28个百分位），U/W半设备和技术硬件分别增长了-1.6%（第13个百分位）和-4.3%（第18个百分位）</li></ul>尽管对冲基金做空科技股，但在电子商务股票的推动下，高盛美国非必需消费品行业出现了三个月来最大的净买入。因此，与标普500相比，GS Prime book 目前比美国非必需消费品上涨 +3.3%，与过去一年相比处于第 9 个百分位，与过去五年相比处于第 50 个百分位.</blockquote><ul><li>In $ terms, Consumer Discretionary was the most net bought US sector on the GS Prime book this week, driven by risk-on flows with long buys outpacing short sales 4 to 1.</li><li>The sector’s aggregate long/short ratio (MV) on the GS Prime book ended the week at 2.53, which is in the 2nd percentile vs. the past year and in the 77th percentile vs. the past five years. The GS Prime book is now O/W US Consumer Discretionary stocks by +3.3% vs. the S&amp;P 500, which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.</li></ul><img src=\"https://static.tigerbbs.com/f91bb2509f471f3239a9d3978a8a1581\" tg-width=\"656\" tg-height=\"383\" referrerpolicy=\"no-referrer\"><blockquote><ul><li>以美元计算，非必需消费品是本周 GS Prime book 上净买入最多的美国板块，受风险偏好资金的推动，多头买入数量超过卖空数量的 4 比 1。</li><li>GS Prime book 上该行业的总多空比率 (MV) 本周结束时为 2.53，与去年相比处于第 2 个百分位，与过去五年相比处于第 77 个百分位。与标普500相比，GS Prime book现在O/W美国非必需消费品库存+3.3%，与去年相比处于第9个百分位，与过去五年相比处于第50个百分位。</li></ul></blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.zerohedge.com/markets/hedge-fund-gross-leverage-hits-all-time-high-hfs-furiously-short-tech-stocks\">zerohedge</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","NDX":"纳斯达克100指数"},"source_url":"https://www.zerohedge.com/markets/hedge-fund-gross-leverage-hits-all-time-high-hfs-furiously-short-tech-stocks","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148549916","content_text":"Hedge funds had another rough week according to Goldman's Prime Brokerage, with the GS Equity Fundamental L/S  Performance Estimate falling -1.68% between 4/30 and 5/6 (vs MSCI World TR -0.33%), driven by alpha of -1.11% – the worst weekly alpha in two months – and to a lesser extent beta of -0.57% (from market exposure and the market sensitivity factor combined). As a result, global fundamental equity L/S hedge funds lost almost two-thirds of their YTD gains in just the past week, bringing their total YTD return to just 0.97% in what is setting up as another dismal year for the 2 and 20 crowd.What is remarkable is just how sensitive to overall market beta the hedge fund space has become, and there is a reason for that: according to Goldman Prime,overall book Gross leverage rose +1.7 pts to 247.1%, the highest on record,while Net leverage fell -0.9 pts to 88.2% (not quite an all time high, but still 87th percentile).Looking at the composition of hedge fund purchases,the overall GS Prime book was modestly net bought again in the past week(+0.15 SDs), driven by risk-on flows as long buys outpaced short sales. Specifically, single Names were net bought while Macro Products (Index and ETF combined) were net sold. North America and to a lesser extent Europe were net bought driven by long buys, while DM Asia and EM Asia were net sold driven by short sales. 8 of 11 global sectors were net bought led in $ terms by Consumer Disc, Health Care, Staples and Real Estate, while Info Tech, Materials, and Financials were net sold.Meanwhile, continuing the trend first observed last weekwhen we noted that hedge funds shorted tech sharesfor 9 of the previous 10 days, Goldman notes thatInfo Tech saw the largest net selling in nine months as managers reduced exposure for a third straight week.And in a surprise reversal to months of bullishness on IT, GS Prime points out that hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.Some more details from the Goldman reports:Info Tech, the worst performing sector this week,was also by far the most net sold sector on the GS Prime book driven by short sales outpacing long buys 7 to 1.Info Tech stocks were net sold for a third straight week and saw the largest week/week $ net selling since last August (-1.6 SDs). Net trading flow diverged on a subsector level – Semis & Semi Equip, Software, and Electronic Equip were the most net sold, while Comm Equip and IT Services were the most net bought.Hedge funds are currently U/W Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.From an industry group standpoint, hedge funds are still O/W Software & Svcs by +4.7% (28th percentile) and U/W Semis & Semi Equip and Tech Hardware by -1.6% (13th percentile) and -4.3% (18th percentile), respectivelyAnd while hedge funds shorted tech, the Goldman US Consumer Discretionary sector saw the largest net buying in three months driven by E-Commerce stocks. As a result, the GS Prime book is now O/W US Consumer Discretionary by +3.3% vs. the S&P 500,which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.In $ terms, Consumer Discretionary was the most net bought US sector on the GS Prime book this week, driven by risk-on flows with long buys outpacing short sales 4 to 1.The sector’s aggregate long/short ratio (MV) on the GS Prime book ended the week at 2.53, which is in the 2nd percentile vs. the past year and in the 77th percentile vs. the past five years. The GS Prime book is now O/W US Consumer Discretionary stocks by +3.3% vs. the S&P 500, which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.","news_type":1,"symbols_score_info":{".IXIC":0.9,"NDX":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4301857,"gmtCreate":1620809463694,"gmtModify":1635497212086,"authorId":3583556468921767,"author":{"id":3583556468921767,"idStr":"3583556468921767","authorId":3583556468921767,"name":"568b317","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":193236742,"type":1,"supId":0,"prevId":0,"content":"Pls do the same","text":"Pls do the same","html":"Pls do the same"},{"id":4306031,"gmtCreate":1620852196685,"gmtModify":1635496942098,"authorId":3576743360399762,"author":{"id":3576743360399762,"idStr":"3576743360399762","authorId":3576743360399762,"name":"PooYen","avatar":"https://static.tigerbbs.com/90f2bad6620330727869f3a5a51a046a","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":193236742,"type":1,"supId":4301857,"prevId":0,"content":"[Smile][Smile]","text":"[Smile][Smile]","html":"[Smile][Smile]"},{"id":4306032,"gmtCreate":1620852207013,"gmtModify":1635496941989,"authorId":3576743360399762,"author":{"id":3576743360399762,"idStr":"3576743360399762","authorId":3576743360399762,"name":"PooYen","avatar":"https://static.tigerbbs.com/90f2bad6620330727869f3a5a51a046a","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":193236742,"type":1,"supId":4301857,"prevId":0,"content":"Done","text":"Done","html":"Done"}],"langContent":"EN"},{"id":193677295,"gmtCreate":1620787717517,"gmtModify":1634196292747,"author":{"id":"3574484198588936","authorId":"3574484198588936","name":"Eaglewings","avatar":"https://static.tigerbbs.com/532f4e45cb093f21d9a38905184a4bb9","vip":1,"crmLevel":12,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"3574484198588936","authorIdStr":"3574484198588936"},"htmlText":"Technology is already defining our future and can anything change that?&nbsp;","listText":"Technology is already defining our future and can anything change that?&nbsp;","text":"Technology is already defining our future and can anything change that?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/193677295","repostId":1148549916,"repostType":4,"repost":{"id":"1148549916","kind":"news","pubTimestamp":1620718159,"share":"https://www.laohunote.com/m/news/1148549916?lang=zh_CN&edition=full","pubTime":"2021-05-11 15:29","market":"us","language":"en","title":"Hedge Fund Gross Leverage Hits All Time High As HFs Furiously Short Tech Stocks<blockquote>HFs 疯狂做空科技股，对冲基金总杠杆创历史新高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1148549916","media":"zerohedge","summary":"Hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World, the lowest level since last November and in the 3rd percentile vs. the past five years.","content":"Hedge funds had another rough week according to Goldman's Prime Brokerage, with the GS Equity Fundamental L/S&nbsp; Performance Estimate falling -1.68% between 4/30 and 5/6 (vs MSCI World TR -0.33%), driven by alpha of -1.11% – the worst weekly alpha in two months – and to a lesser extent beta of -0.57% (from market exposure and the market sensitivity factor combined). As a result, global fundamental equity L/S hedge funds lost almost two-thirds of their YTD gains in just the past week, bringing their total YTD return to just 0.97% in what is setting up as another dismal year for the 2 and 20 crowd.<blockquote>根据高盛的主要经纪公司的数据，对冲基金又经历了艰难的一周，GS Equity基本面L/S业绩预期在4月30日至5月6日之间下跌了-1.68%（相对于摩根士丹利资本国际世界TR-0.33%），这是由-1.11%的alpha（两个月来最差的每周alpha）和-0.57%的贝塔（来自市场敞口和市场敏感性因素的结合）推动的。结果，全球基本面股票L/S对冲基金在过去一周就损失了近三分之二的年初至今收益，使其年初至今总回报率仅为0.97%，这对2岁和20岁的人群来说又是一个惨淡的一年。</blockquote><img src=\"https://static.tigerbbs.com/4c1d262955a001211ed92ecfceca5b3d\" tg-width=\"501\" tg-height=\"472\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>What is remarkable is just how sensitive to overall market beta the hedge fund space has become, and there is a reason for that: according to Goldman Prime,overall book Gross leverage rose +1.7 pts to 247.1%, the highest on record,while Net leverage fell -0.9 pts to 88.2% (not quite an all time high, but still 87th percentile).<blockquote>值得注意的是，对冲基金领域对整体市场贝塔值变得如此敏感，这是有原因的：根据高盛Prime的数据，整体账面总杠杆率上升 +1.7 个百分点至 247.1%，创历史新高，而净杠杆率下降-0.9个百分点至88.2%（虽然不是历史最高水平，但仍处于第87个百分位）。</blockquote><img src=\"https://static.tigerbbs.com/8e8665b4387577b4f2b41e5791e348b3\" tg-width=\"1087\" tg-height=\"487\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>Looking at the composition of hedge fund purchases,the overall GS Prime book was modestly net bought again in the past week(+0.15 SDs), driven by risk-on flows as long buys outpaced short sales. Specifically, single Names were net bought while Macro Products (Index and ETF combined) were net sold. North America and to a lesser extent Europe were net bought driven by long buys, while DM Asia and EM Asia were net sold driven by short sales. 8 of 11 global sectors were net bought led in $ terms by Consumer Disc, Health Care, Staples and Real Estate, while Info Tech, Materials, and Financials were net sold.<blockquote>从对冲基金购买的构成来看，过去一周，GS Prime book 的整体净购买量再次温和（+0.15 SDs），由风险流动驱动，因为多头买入超过了卖空。具体来说，单个名称被净买入，而宏观产品（指数和 ETF 合并）被净卖出。北美以及在较小程度上欧洲是由多头买入驱动的净买入，而DM Asia和EM Asia是由卖空驱动的净卖出。11个全球板块中有8个被净买入，以美元计算，其中消费光盘、医疗保健、必需品和房地产为首，而信息技术、材料和金融则被净卖出。</blockquote>Meanwhile, continuing the trend first observed last weekwhen we noted that hedge funds shorted tech sharesfor 9 of the previous 10 days, Goldman notes thatInfo Tech saw the largest net selling in nine months as managers reduced exposure for a third straight week.And in a surprise reversal to months of bullishness on IT, GS Prime points out that hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.<blockquote>与此同时，高盛继续上周首次观察到的趋势，当时我们注意到对冲基金在过去 10 天中有 9 天做空了科技股，高盛指出：由于经理们连续第三周减少敞口，信息技术行业出现了九个月来最大的净销售额。GS Prime 指出，对冲基金目前对跑输大盘信息科技股的看涨情绪出人意料地逆转，相对于 MSCI World，对冲基金的看涨情绪目前下跌了 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</blockquote>Some more details from the Goldman reports:<blockquote>高盛报告中的更多细节：</blockquote><ul><li>Info Tech, the worst performing sector this week,was also by far the most net sold sector on the GS Prime book driven by short sales outpacing long buys 7 to 1.</li><li>Info Tech stocks were net sold for a third straight week and saw the largest week/week $ net selling since last August (-1.6 SDs). Net trading flow diverged on a subsector level – Semis &amp; Semi Equip, Software, and Electronic Equip were the most net sold, while Comm Equip and IT Services were the most net bought.</li><li>Hedge funds are currently U/W Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.</li><li>From an industry group standpoint, hedge funds are still O/W Software &amp; Svcs by +4.7% (28th percentile) and U/W Semis &amp; Semi Equip and Tech Hardware by -1.6% (13th percentile) and -4.3% (18th percentile), respectively</li></ul><img src=\"https://static.tigerbbs.com/9fd6a23b77549f58ef41bd23b5de74c0\" tg-width=\"656\" tg-height=\"385\" referrerpolicy=\"no-referrer\">And while hedge funds shorted tech, the Goldman US Consumer Discretionary sector saw the largest net buying in three months driven by E-Commerce stocks. As a result, the GS Prime book is now O/W US Consumer Discretionary by +3.3% vs. the S&amp;P 500,which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.<blockquote><ul><li>信息技术是本周表现最差的板块，也是迄今为止 GS Prime book 净卖出最多的板块，其驱动力是卖空量以 7 比 1 超过多头买入。</li><li>信息科技股连续第三周净卖出，并出现自去年 8 月以来最大的周/周净卖出 (-1.6 SDs)。子行业层面的净交易流量有所不同——半成品和半设备、软件和电子设备是净卖出最多的，而通信设备和 IT 服务是净买入最多的。</li><li>与 MSCI World 相比，对冲基金目前持有信息科技股 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</li><li>从行业集团的角度来看，对冲基金仍然是O/W软件和SVC，增长了+4.7%（第28个百分位），U/W半设备和技术硬件分别增长了-1.6%（第13个百分位）和-4.3%（第18个百分位）</li></ul>尽管对冲基金做空科技股，但在电子商务股票的推动下，高盛美国非必需消费品行业出现了三个月来最大的净买入。因此，与标普500相比，GS Prime book 目前比美国非必需消费品上涨 +3.3%，与过去一年相比处于第 9 个百分位，与过去五年相比处于第 50 个百分位.</blockquote><ul><li>In $ terms, Consumer Discretionary was the most net bought US sector on the GS Prime book this week, driven by risk-on flows with long buys outpacing short sales 4 to 1.</li><li>The sector’s aggregate long/short ratio (MV) on the GS Prime book ended the week at 2.53, which is in the 2nd percentile vs. the past year and in the 77th percentile vs. the past five years. The GS Prime book is now O/W US Consumer Discretionary stocks by +3.3% vs. the S&amp;P 500, which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.</li></ul><img src=\"https://static.tigerbbs.com/f91bb2509f471f3239a9d3978a8a1581\" tg-width=\"656\" tg-height=\"383\" referrerpolicy=\"no-referrer\"><blockquote><ul><li>以美元计算，非必需消费品是本周 GS Prime book 上净买入最多的美国板块，受风险偏好资金的推动，多头买入数量超过卖空数量的 4 比 1。</li><li>GS Prime book 上该行业的总多空比率 (MV) 本周结束时为 2.53，与去年相比处于第 2 个百分位，与过去五年相比处于第 77 个百分位。与标普500相比，GS Prime book现在O/W美国非必需消费品库存+3.3%，与去年相比处于第9个百分位，与过去五年相比处于第50个百分位。</li></ul></blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hedge Fund Gross Leverage Hits All Time High As HFs Furiously Short Tech Stocks<blockquote>HFs 疯狂做空科技股，对冲基金总杠杆创历史新高</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHedge Fund Gross Leverage Hits All Time High As HFs Furiously Short Tech Stocks<blockquote>HFs 疯狂做空科技股，对冲基金总杠杆创历史新高</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nzerohedge2021-05-11 15:29\n\n</h4>\n</header>\n<article>\nHedge funds had another rough week according to Goldman's Prime Brokerage, with the GS Equity Fundamental L/S&nbsp; Performance Estimate falling -1.68% between 4/30 and 5/6 (vs MSCI World TR -0.33%), driven by alpha of -1.11% – the worst weekly alpha in two months – and to a lesser extent beta of -0.57% (from market exposure and the market sensitivity factor combined). As a result, global fundamental equity L/S hedge funds lost almost two-thirds of their YTD gains in just the past week, bringing their total YTD return to just 0.97% in what is setting up as another dismal year for the 2 and 20 crowd.<blockquote>根据高盛的主要经纪公司的数据，对冲基金又经历了艰难的一周，GS Equity基本面L/S业绩预期在4月30日至5月6日之间下跌了-1.68%（相对于摩根士丹利资本国际世界TR-0.33%），这是由-1.11%的alpha（两个月来最差的每周alpha）和-0.57%的贝塔（来自市场敞口和市场敏感性因素的结合）推动的。结果，全球基本面股票L/S对冲基金在过去一周就损失了近三分之二的年初至今收益，使其年初至今总回报率仅为0.97%，这对2岁和20岁的人群来说又是一个惨淡的一年。</blockquote><img src=\"https://static.tigerbbs.com/4c1d262955a001211ed92ecfceca5b3d\" tg-width=\"501\" tg-height=\"472\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>What is remarkable is just how sensitive to overall market beta the hedge fund space has become, and there is a reason for that: according to Goldman Prime,overall book Gross leverage rose +1.7 pts to 247.1%, the highest on record,while Net leverage fell -0.9 pts to 88.2% (not quite an all time high, but still 87th percentile).<blockquote>值得注意的是，对冲基金领域对整体市场贝塔值变得如此敏感，这是有原因的：根据高盛Prime的数据，整体账面总杠杆率上升 +1.7 个百分点至 247.1%，创历史新高，而净杠杆率下降-0.9个百分点至88.2%（虽然不是历史最高水平，但仍处于第87个百分位）。</blockquote><img src=\"https://static.tigerbbs.com/8e8665b4387577b4f2b41e5791e348b3\" tg-width=\"1087\" tg-height=\"487\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>Looking at the composition of hedge fund purchases,the overall GS Prime book was modestly net bought again in the past week(+0.15 SDs), driven by risk-on flows as long buys outpaced short sales. Specifically, single Names were net bought while Macro Products (Index and ETF combined) were net sold. North America and to a lesser extent Europe were net bought driven by long buys, while DM Asia and EM Asia were net sold driven by short sales. 8 of 11 global sectors were net bought led in $ terms by Consumer Disc, Health Care, Staples and Real Estate, while Info Tech, Materials, and Financials were net sold.<blockquote>从对冲基金购买的构成来看，过去一周，GS Prime book 的整体净购买量再次温和（+0.15 SDs），由风险流动驱动，因为多头买入超过了卖空。具体来说，单个名称被净买入，而宏观产品（指数和 ETF 合并）被净卖出。北美以及在较小程度上欧洲是由多头买入驱动的净买入，而DM Asia和EM Asia是由卖空驱动的净卖出。11个全球板块中有8个被净买入，以美元计算，其中消费光盘、医疗保健、必需品和房地产为首，而信息技术、材料和金融则被净卖出。</blockquote>Meanwhile, continuing the trend first observed last weekwhen we noted that hedge funds shorted tech sharesfor 9 of the previous 10 days, Goldman notes thatInfo Tech saw the largest net selling in nine months as managers reduced exposure for a third straight week.And in a surprise reversal to months of bullishness on IT, GS Prime points out that hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.<blockquote>与此同时，高盛继续上周首次观察到的趋势，当时我们注意到对冲基金在过去 10 天中有 9 天做空了科技股，高盛指出：由于经理们连续第三周减少敞口，信息技术行业出现了九个月来最大的净销售额。GS Prime 指出，对冲基金目前对跑输大盘信息科技股的看涨情绪出人意料地逆转，相对于 MSCI World，对冲基金的看涨情绪目前下跌了 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</blockquote>Some more details from the Goldman reports:<blockquote>高盛报告中的更多细节：</blockquote><ul><li>Info Tech, the worst performing sector this week,was also by far the most net sold sector on the GS Prime book driven by short sales outpacing long buys 7 to 1.</li><li>Info Tech stocks were net sold for a third straight week and saw the largest week/week $ net selling since last August (-1.6 SDs). Net trading flow diverged on a subsector level – Semis &amp; Semi Equip, Software, and Electronic Equip were the most net sold, while Comm Equip and IT Services were the most net bought.</li><li>Hedge funds are currently U/W Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.</li><li>From an industry group standpoint, hedge funds are still O/W Software &amp; Svcs by +4.7% (28th percentile) and U/W Semis &amp; Semi Equip and Tech Hardware by -1.6% (13th percentile) and -4.3% (18th percentile), respectively</li></ul><img src=\"https://static.tigerbbs.com/9fd6a23b77549f58ef41bd23b5de74c0\" tg-width=\"656\" tg-height=\"385\" referrerpolicy=\"no-referrer\">And while hedge funds shorted tech, the Goldman US Consumer Discretionary sector saw the largest net buying in three months driven by E-Commerce stocks. As a result, the GS Prime book is now O/W US Consumer Discretionary by +3.3% vs. the S&amp;P 500,which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.<blockquote><ul><li>信息技术是本周表现最差的板块，也是迄今为止 GS Prime book 净卖出最多的板块，其驱动力是卖空量以 7 比 1 超过多头买入。</li><li>信息科技股连续第三周净卖出，并出现自去年 8 月以来最大的周/周净卖出 (-1.6 SDs)。子行业层面的净交易流量有所不同——半成品和半设备、软件和电子设备是净卖出最多的，而通信设备和 IT 服务是净买入最多的。</li><li>与 MSCI World 相比，对冲基金目前持有信息科技股 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</li><li>从行业集团的角度来看，对冲基金仍然是O/W软件和SVC，增长了+4.7%（第28个百分位），U/W半设备和技术硬件分别增长了-1.6%（第13个百分位）和-4.3%（第18个百分位）</li></ul>尽管对冲基金做空科技股，但在电子商务股票的推动下，高盛美国非必需消费品行业出现了三个月来最大的净买入。因此，与标普500相比，GS Prime book 目前比美国非必需消费品上涨 +3.3%，与过去一年相比处于第 9 个百分位，与过去五年相比处于第 50 个百分位.</blockquote><ul><li>In $ terms, Consumer Discretionary was the most net bought US sector on the GS Prime book this week, driven by risk-on flows with long buys outpacing short sales 4 to 1.</li><li>The sector’s aggregate long/short ratio (MV) on the GS Prime book ended the week at 2.53, which is in the 2nd percentile vs. the past year and in the 77th percentile vs. the past five years. The GS Prime book is now O/W US Consumer Discretionary stocks by +3.3% vs. the S&amp;P 500, which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.</li></ul><img src=\"https://static.tigerbbs.com/f91bb2509f471f3239a9d3978a8a1581\" tg-width=\"656\" tg-height=\"383\" referrerpolicy=\"no-referrer\"><blockquote><ul><li>以美元计算，非必需消费品是本周 GS Prime book 上净买入最多的美国板块，受风险偏好资金的推动，多头买入数量超过卖空数量的 4 比 1。</li><li>GS Prime book 上该行业的总多空比率 (MV) 本周结束时为 2.53，与去年相比处于第 2 个百分位，与过去五年相比处于第 77 个百分位。与标普500相比，GS Prime book现在O/W美国非必需消费品库存+3.3%，与去年相比处于第9个百分位，与过去五年相比处于第50个百分位。</li></ul></blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.zerohedge.com/markets/hedge-fund-gross-leverage-hits-all-time-high-hfs-furiously-short-tech-stocks\">zerohedge</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","NDX":"纳斯达克100指数"},"source_url":"https://www.zerohedge.com/markets/hedge-fund-gross-leverage-hits-all-time-high-hfs-furiously-short-tech-stocks","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148549916","content_text":"Hedge funds had another rough week according to Goldman's Prime Brokerage, with the GS Equity Fundamental L/S  Performance Estimate falling -1.68% between 4/30 and 5/6 (vs MSCI World TR -0.33%), driven by alpha of -1.11% – the worst weekly alpha in two months – and to a lesser extent beta of -0.57% (from market exposure and the market sensitivity factor combined). As a result, global fundamental equity L/S hedge funds lost almost two-thirds of their YTD gains in just the past week, bringing their total YTD return to just 0.97% in what is setting up as another dismal year for the 2 and 20 crowd.What is remarkable is just how sensitive to overall market beta the hedge fund space has become, and there is a reason for that: according to Goldman Prime,overall book Gross leverage rose +1.7 pts to 247.1%, the highest on record,while Net leverage fell -0.9 pts to 88.2% (not quite an all time high, but still 87th percentile).Looking at the composition of hedge fund purchases,the overall GS Prime book was modestly net bought again in the past week(+0.15 SDs), driven by risk-on flows as long buys outpaced short sales. Specifically, single Names were net bought while Macro Products (Index and ETF combined) were net sold. North America and to a lesser extent Europe were net bought driven by long buys, while DM Asia and EM Asia were net sold driven by short sales. 8 of 11 global sectors were net bought led in $ terms by Consumer Disc, Health Care, Staples and Real Estate, while Info Tech, Materials, and Financials were net sold.Meanwhile, continuing the trend first observed last weekwhen we noted that hedge funds shorted tech sharesfor 9 of the previous 10 days, Goldman notes thatInfo Tech saw the largest net selling in nine months as managers reduced exposure for a third straight week.And in a surprise reversal to months of bullishness on IT, GS Prime points out that hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.Some more details from the Goldman reports:Info Tech, the worst performing sector this week,was also by far the most net sold sector on the GS Prime book driven by short sales outpacing long buys 7 to 1.Info Tech stocks were net sold for a third straight week and saw the largest week/week $ net selling since last August (-1.6 SDs). Net trading flow diverged on a subsector level – Semis & Semi Equip, Software, and Electronic Equip were the most net sold, while Comm Equip and IT Services were the most net bought.Hedge funds are currently U/W Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.From an industry group standpoint, hedge funds are still O/W Software & Svcs by +4.7% (28th percentile) and U/W Semis & Semi Equip and Tech Hardware by -1.6% (13th percentile) and -4.3% (18th percentile), respectivelyAnd while hedge funds shorted tech, the Goldman US Consumer Discretionary sector saw the largest net buying in three months driven by E-Commerce stocks. As a result, the GS Prime book is now O/W US Consumer Discretionary by +3.3% vs. the S&P 500,which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.In $ terms, Consumer Discretionary was the most net bought US sector on the GS Prime book this week, driven by risk-on flows with long buys outpacing short sales 4 to 1.The sector’s aggregate long/short ratio (MV) on the GS Prime book ended the week at 2.53, which is in the 2nd percentile vs. the past year and in the 77th percentile vs. the past five years. The GS Prime book is now O/W US Consumer Discretionary stocks by +3.3% vs. the S&P 500, which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.","news_type":1,"symbols_score_info":{".IXIC":0.9,"NDX":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":193649037,"gmtCreate":1620786505329,"gmtModify":1634196305134,"author":{"id":"3582247784259936","authorId":"3582247784259936","name":"WZiYa","avatar":"https://static.tigerbbs.com/418373610e9f9bc136d59640853bc53e","vip":1,"crmLevel":11,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"3582247784259936","authorIdStr":"3582247784259936"},"htmlText":"Good to know.&nbsp;","listText":"Good to know.&nbsp;","text":"Good to know.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/193649037","repostId":1148549916,"repostType":4,"repost":{"id":"1148549916","kind":"news","pubTimestamp":1620718159,"share":"https://www.laohunote.com/m/news/1148549916?lang=zh_CN&edition=full","pubTime":"2021-05-11 15:29","market":"us","language":"en","title":"Hedge Fund Gross Leverage Hits All Time High As HFs Furiously Short Tech Stocks<blockquote>HFs 疯狂做空科技股，对冲基金总杠杆创历史新高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1148549916","media":"zerohedge","summary":"Hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World, the lowest level since last November and in the 3rd percentile vs. the past five years.","content":"Hedge funds had another rough week according to Goldman's Prime Brokerage, with the GS Equity Fundamental L/S&nbsp; Performance Estimate falling -1.68% between 4/30 and 5/6 (vs MSCI World TR -0.33%), driven by alpha of -1.11% – the worst weekly alpha in two months – and to a lesser extent beta of -0.57% (from market exposure and the market sensitivity factor combined). As a result, global fundamental equity L/S hedge funds lost almost two-thirds of their YTD gains in just the past week, bringing their total YTD return to just 0.97% in what is setting up as another dismal year for the 2 and 20 crowd.<blockquote>根据高盛的主要经纪公司的数据，对冲基金又经历了艰难的一周，GS Equity基本面L/S业绩预期在4月30日至5月6日之间下跌了-1.68%（相对于摩根士丹利资本国际世界TR-0.33%），这是由-1.11%的alpha（两个月来最差的每周alpha）和-0.57%的贝塔（来自市场敞口和市场敏感性因素的结合）推动的。结果，全球基本面股票L/S对冲基金在过去一周就损失了近三分之二的年初至今收益，使其年初至今总回报率仅为0.97%，这对2岁和20岁的人群来说又是一个惨淡的一年。</blockquote><img src=\"https://static.tigerbbs.com/4c1d262955a001211ed92ecfceca5b3d\" tg-width=\"501\" tg-height=\"472\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>What is remarkable is just how sensitive to overall market beta the hedge fund space has become, and there is a reason for that: according to Goldman Prime,overall book Gross leverage rose +1.7 pts to 247.1%, the highest on record,while Net leverage fell -0.9 pts to 88.2% (not quite an all time high, but still 87th percentile).<blockquote>值得注意的是，对冲基金领域对整体市场贝塔值变得如此敏感，这是有原因的：根据高盛Prime的数据，整体账面总杠杆率上升 +1.7 个百分点至 247.1%，创历史新高，而净杠杆率下降-0.9个百分点至88.2%（虽然不是历史最高水平，但仍处于第87个百分位）。</blockquote><img src=\"https://static.tigerbbs.com/8e8665b4387577b4f2b41e5791e348b3\" tg-width=\"1087\" tg-height=\"487\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>Looking at the composition of hedge fund purchases,the overall GS Prime book was modestly net bought again in the past week(+0.15 SDs), driven by risk-on flows as long buys outpaced short sales. Specifically, single Names were net bought while Macro Products (Index and ETF combined) were net sold. North America and to a lesser extent Europe were net bought driven by long buys, while DM Asia and EM Asia were net sold driven by short sales. 8 of 11 global sectors were net bought led in $ terms by Consumer Disc, Health Care, Staples and Real Estate, while Info Tech, Materials, and Financials were net sold.<blockquote>从对冲基金购买的构成来看，过去一周，GS Prime book 的整体净购买量再次温和（+0.15 SDs），由风险流动驱动，因为多头买入超过了卖空。具体来说，单个名称被净买入，而宏观产品（指数和 ETF 合并）被净卖出。北美以及在较小程度上欧洲是由多头买入驱动的净买入，而DM Asia和EM Asia是由卖空驱动的净卖出。11个全球板块中有8个被净买入，以美元计算，其中消费光盘、医疗保健、必需品和房地产为首，而信息技术、材料和金融则被净卖出。</blockquote>Meanwhile, continuing the trend first observed last weekwhen we noted that hedge funds shorted tech sharesfor 9 of the previous 10 days, Goldman notes thatInfo Tech saw the largest net selling in nine months as managers reduced exposure for a third straight week.And in a surprise reversal to months of bullishness on IT, GS Prime points out that hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.<blockquote>与此同时，高盛继续上周首次观察到的趋势，当时我们注意到对冲基金在过去 10 天中有 9 天做空了科技股，高盛指出：由于经理们连续第三周减少敞口，信息技术行业出现了九个月来最大的净销售额。GS Prime 指出，对冲基金目前对跑输大盘信息科技股的看涨情绪出人意料地逆转，相对于 MSCI World，对冲基金的看涨情绪目前下跌了 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</blockquote>Some more details from the Goldman reports:<blockquote>高盛报告中的更多细节：</blockquote><ul><li>Info Tech, the worst performing sector this week,was also by far the most net sold sector on the GS Prime book driven by short sales outpacing long buys 7 to 1.</li><li>Info Tech stocks were net sold for a third straight week and saw the largest week/week $ net selling since last August (-1.6 SDs). Net trading flow diverged on a subsector level – Semis &amp; Semi Equip, Software, and Electronic Equip were the most net sold, while Comm Equip and IT Services were the most net bought.</li><li>Hedge funds are currently U/W Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.</li><li>From an industry group standpoint, hedge funds are still O/W Software &amp; Svcs by +4.7% (28th percentile) and U/W Semis &amp; Semi Equip and Tech Hardware by -1.6% (13th percentile) and -4.3% (18th percentile), respectively</li></ul><img src=\"https://static.tigerbbs.com/9fd6a23b77549f58ef41bd23b5de74c0\" tg-width=\"656\" tg-height=\"385\" referrerpolicy=\"no-referrer\">And while hedge funds shorted tech, the Goldman US Consumer Discretionary sector saw the largest net buying in three months driven by E-Commerce stocks. As a result, the GS Prime book is now O/W US Consumer Discretionary by +3.3% vs. the S&amp;P 500,which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.<blockquote><ul><li>信息技术是本周表现最差的板块，也是迄今为止 GS Prime book 净卖出最多的板块，其驱动力是卖空量以 7 比 1 超过多头买入。</li><li>信息科技股连续第三周净卖出，并出现自去年 8 月以来最大的周/周净卖出 (-1.6 SDs)。子行业层面的净交易流量有所不同——半成品和半设备、软件和电子设备是净卖出最多的，而通信设备和 IT 服务是净买入最多的。</li><li>与 MSCI World 相比，对冲基金目前持有信息科技股 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</li><li>从行业集团的角度来看，对冲基金仍然是O/W软件和SVC，增长了+4.7%（第28个百分位），U/W半设备和技术硬件分别增长了-1.6%（第13个百分位）和-4.3%（第18个百分位）</li></ul>尽管对冲基金做空科技股，但在电子商务股票的推动下，高盛美国非必需消费品行业出现了三个月来最大的净买入。因此，与标普500相比，GS Prime book 目前比美国非必需消费品上涨 +3.3%，与过去一年相比处于第 9 个百分位，与过去五年相比处于第 50 个百分位.</blockquote><ul><li>In $ terms, Consumer Discretionary was the most net bought US sector on the GS Prime book this week, driven by risk-on flows with long buys outpacing short sales 4 to 1.</li><li>The sector’s aggregate long/short ratio (MV) on the GS Prime book ended the week at 2.53, which is in the 2nd percentile vs. the past year and in the 77th percentile vs. the past five years. The GS Prime book is now O/W US Consumer Discretionary stocks by +3.3% vs. the S&amp;P 500, which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.</li></ul><img src=\"https://static.tigerbbs.com/f91bb2509f471f3239a9d3978a8a1581\" tg-width=\"656\" tg-height=\"383\" referrerpolicy=\"no-referrer\"><blockquote><ul><li>以美元计算，非必需消费品是本周 GS Prime book 上净买入最多的美国板块，受风险偏好资金的推动，多头买入数量超过卖空数量的 4 比 1。</li><li>GS Prime book 上该行业的总多空比率 (MV) 本周结束时为 2.53，与去年相比处于第 2 个百分位，与过去五年相比处于第 77 个百分位。与标普500相比，GS Prime book现在O/W美国非必需消费品库存+3.3%，与去年相比处于第9个百分位，与过去五年相比处于第50个百分位。</li></ul></blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hedge Fund Gross Leverage Hits All Time High As HFs Furiously Short Tech Stocks<blockquote>HFs 疯狂做空科技股，对冲基金总杠杆创历史新高</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHedge Fund Gross Leverage Hits All Time High As HFs Furiously Short Tech Stocks<blockquote>HFs 疯狂做空科技股，对冲基金总杠杆创历史新高</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nzerohedge2021-05-11 15:29\n\n</h4>\n</header>\n<article>\nHedge funds had another rough week according to Goldman's Prime Brokerage, with the GS Equity Fundamental L/S&nbsp; Performance Estimate falling -1.68% between 4/30 and 5/6 (vs MSCI World TR -0.33%), driven by alpha of -1.11% – the worst weekly alpha in two months – and to a lesser extent beta of -0.57% (from market exposure and the market sensitivity factor combined). As a result, global fundamental equity L/S hedge funds lost almost two-thirds of their YTD gains in just the past week, bringing their total YTD return to just 0.97% in what is setting up as another dismal year for the 2 and 20 crowd.<blockquote>根据高盛的主要经纪公司的数据，对冲基金又经历了艰难的一周，GS Equity基本面L/S业绩预期在4月30日至5月6日之间下跌了-1.68%（相对于摩根士丹利资本国际世界TR-0.33%），这是由-1.11%的alpha（两个月来最差的每周alpha）和-0.57%的贝塔（来自市场敞口和市场敏感性因素的结合）推动的。结果，全球基本面股票L/S对冲基金在过去一周就损失了近三分之二的年初至今收益，使其年初至今总回报率仅为0.97%，这对2岁和20岁的人群来说又是一个惨淡的一年。</blockquote><img src=\"https://static.tigerbbs.com/4c1d262955a001211ed92ecfceca5b3d\" tg-width=\"501\" tg-height=\"472\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>What is remarkable is just how sensitive to overall market beta the hedge fund space has become, and there is a reason for that: according to Goldman Prime,overall book Gross leverage rose +1.7 pts to 247.1%, the highest on record,while Net leverage fell -0.9 pts to 88.2% (not quite an all time high, but still 87th percentile).<blockquote>值得注意的是，对冲基金领域对整体市场贝塔值变得如此敏感，这是有原因的：根据高盛Prime的数据，整体账面总杠杆率上升 +1.7 个百分点至 247.1%，创历史新高，而净杠杆率下降-0.9个百分点至88.2%（虽然不是历史最高水平，但仍处于第87个百分位）。</blockquote><img src=\"https://static.tigerbbs.com/8e8665b4387577b4f2b41e5791e348b3\" tg-width=\"1087\" tg-height=\"487\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>Looking at the composition of hedge fund purchases,the overall GS Prime book was modestly net bought again in the past week(+0.15 SDs), driven by risk-on flows as long buys outpaced short sales. Specifically, single Names were net bought while Macro Products (Index and ETF combined) were net sold. North America and to a lesser extent Europe were net bought driven by long buys, while DM Asia and EM Asia were net sold driven by short sales. 8 of 11 global sectors were net bought led in $ terms by Consumer Disc, Health Care, Staples and Real Estate, while Info Tech, Materials, and Financials were net sold.<blockquote>从对冲基金购买的构成来看，过去一周，GS Prime book 的整体净购买量再次温和（+0.15 SDs），由风险流动驱动，因为多头买入超过了卖空。具体来说，单个名称被净买入，而宏观产品（指数和 ETF 合并）被净卖出。北美以及在较小程度上欧洲是由多头买入驱动的净买入，而DM Asia和EM Asia是由卖空驱动的净卖出。11个全球板块中有8个被净买入，以美元计算，其中消费光盘、医疗保健、必需品和房地产为首，而信息技术、材料和金融则被净卖出。</blockquote>Meanwhile, continuing the trend first observed last weekwhen we noted that hedge funds shorted tech sharesfor 9 of the previous 10 days, Goldman notes thatInfo Tech saw the largest net selling in nine months as managers reduced exposure for a third straight week.And in a surprise reversal to months of bullishness on IT, GS Prime points out that hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.<blockquote>与此同时，高盛继续上周首次观察到的趋势，当时我们注意到对冲基金在过去 10 天中有 9 天做空了科技股，高盛指出：由于经理们连续第三周减少敞口，信息技术行业出现了九个月来最大的净销售额。GS Prime 指出，对冲基金目前对跑输大盘信息科技股的看涨情绪出人意料地逆转，相对于 MSCI World，对冲基金的看涨情绪目前下跌了 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</blockquote>Some more details from the Goldman reports:<blockquote>高盛报告中的更多细节：</blockquote><ul><li>Info Tech, the worst performing sector this week,was also by far the most net sold sector on the GS Prime book driven by short sales outpacing long buys 7 to 1.</li><li>Info Tech stocks were net sold for a third straight week and saw the largest week/week $ net selling since last August (-1.6 SDs). Net trading flow diverged on a subsector level – Semis &amp; Semi Equip, Software, and Electronic Equip were the most net sold, while Comm Equip and IT Services were the most net bought.</li><li>Hedge funds are currently U/W Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.</li><li>From an industry group standpoint, hedge funds are still O/W Software &amp; Svcs by +4.7% (28th percentile) and U/W Semis &amp; Semi Equip and Tech Hardware by -1.6% (13th percentile) and -4.3% (18th percentile), respectively</li></ul><img src=\"https://static.tigerbbs.com/9fd6a23b77549f58ef41bd23b5de74c0\" tg-width=\"656\" tg-height=\"385\" referrerpolicy=\"no-referrer\">And while hedge funds shorted tech, the Goldman US Consumer Discretionary sector saw the largest net buying in three months driven by E-Commerce stocks. As a result, the GS Prime book is now O/W US Consumer Discretionary by +3.3% vs. the S&amp;P 500,which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.<blockquote><ul><li>信息技术是本周表现最差的板块，也是迄今为止 GS Prime book 净卖出最多的板块，其驱动力是卖空量以 7 比 1 超过多头买入。</li><li>信息科技股连续第三周净卖出，并出现自去年 8 月以来最大的周/周净卖出 (-1.6 SDs)。子行业层面的净交易流量有所不同——半成品和半设备、软件和电子设备是净卖出最多的，而通信设备和 IT 服务是净买入最多的。</li><li>与 MSCI World 相比，对冲基金目前持有信息科技股 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</li><li>从行业集团的角度来看，对冲基金仍然是O/W软件和SVC，增长了+4.7%（第28个百分位），U/W半设备和技术硬件分别增长了-1.6%（第13个百分位）和-4.3%（第18个百分位）</li></ul>尽管对冲基金做空科技股，但在电子商务股票的推动下，高盛美国非必需消费品行业出现了三个月来最大的净买入。因此，与标普500相比，GS Prime book 目前比美国非必需消费品上涨 +3.3%，与过去一年相比处于第 9 个百分位，与过去五年相比处于第 50 个百分位.</blockquote><ul><li>In $ terms, Consumer Discretionary was the most net bought US sector on the GS Prime book this week, driven by risk-on flows with long buys outpacing short sales 4 to 1.</li><li>The sector’s aggregate long/short ratio (MV) on the GS Prime book ended the week at 2.53, which is in the 2nd percentile vs. the past year and in the 77th percentile vs. the past five years. The GS Prime book is now O/W US Consumer Discretionary stocks by +3.3% vs. the S&amp;P 500, which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.</li></ul><img src=\"https://static.tigerbbs.com/f91bb2509f471f3239a9d3978a8a1581\" tg-width=\"656\" tg-height=\"383\" referrerpolicy=\"no-referrer\"><blockquote><ul><li>以美元计算，非必需消费品是本周 GS Prime book 上净买入最多的美国板块，受风险偏好资金的推动，多头买入数量超过卖空数量的 4 比 1。</li><li>GS Prime book 上该行业的总多空比率 (MV) 本周结束时为 2.53，与去年相比处于第 2 个百分位，与过去五年相比处于第 77 个百分位。与标普500相比，GS Prime book现在O/W美国非必需消费品库存+3.3%，与去年相比处于第9个百分位，与过去五年相比处于第50个百分位。</li></ul></blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.zerohedge.com/markets/hedge-fund-gross-leverage-hits-all-time-high-hfs-furiously-short-tech-stocks\">zerohedge</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","NDX":"纳斯达克100指数"},"source_url":"https://www.zerohedge.com/markets/hedge-fund-gross-leverage-hits-all-time-high-hfs-furiously-short-tech-stocks","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148549916","content_text":"Hedge funds had another rough week according to Goldman's Prime Brokerage, with the GS Equity Fundamental L/S  Performance Estimate falling -1.68% between 4/30 and 5/6 (vs MSCI World TR -0.33%), driven by alpha of -1.11% – the worst weekly alpha in two months – and to a lesser extent beta of -0.57% (from market exposure and the market sensitivity factor combined). As a result, global fundamental equity L/S hedge funds lost almost two-thirds of their YTD gains in just the past week, bringing their total YTD return to just 0.97% in what is setting up as another dismal year for the 2 and 20 crowd.What is remarkable is just how sensitive to overall market beta the hedge fund space has become, and there is a reason for that: according to Goldman Prime,overall book Gross leverage rose +1.7 pts to 247.1%, the highest on record,while Net leverage fell -0.9 pts to 88.2% (not quite an all time high, but still 87th percentile).Looking at the composition of hedge fund purchases,the overall GS Prime book was modestly net bought again in the past week(+0.15 SDs), driven by risk-on flows as long buys outpaced short sales. Specifically, single Names were net bought while Macro Products (Index and ETF combined) were net sold. North America and to a lesser extent Europe were net bought driven by long buys, while DM Asia and EM Asia were net sold driven by short sales. 8 of 11 global sectors were net bought led in $ terms by Consumer Disc, Health Care, Staples and Real Estate, while Info Tech, Materials, and Financials were net sold.Meanwhile, continuing the trend first observed last weekwhen we noted that hedge funds shorted tech sharesfor 9 of the previous 10 days, Goldman notes thatInfo Tech saw the largest net selling in nine months as managers reduced exposure for a third straight week.And in a surprise reversal to months of bullishness on IT, GS Prime points out that hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.Some more details from the Goldman reports:Info Tech, the worst performing sector this week,was also by far the most net sold sector on the GS Prime book driven by short sales outpacing long buys 7 to 1.Info Tech stocks were net sold for a third straight week and saw the largest week/week $ net selling since last August (-1.6 SDs). Net trading flow diverged on a subsector level – Semis & Semi Equip, Software, and Electronic Equip were the most net sold, while Comm Equip and IT Services were the most net bought.Hedge funds are currently U/W Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.From an industry group standpoint, hedge funds are still O/W Software & Svcs by +4.7% (28th percentile) and U/W Semis & Semi Equip and Tech Hardware by -1.6% (13th percentile) and -4.3% (18th percentile), respectivelyAnd while hedge funds shorted tech, the Goldman US Consumer Discretionary sector saw the largest net buying in three months driven by E-Commerce stocks. As a result, the GS Prime book is now O/W US Consumer Discretionary by +3.3% vs. the S&P 500,which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.In $ terms, Consumer Discretionary was the most net bought US sector on the GS Prime book this week, driven by risk-on flows with long buys outpacing short sales 4 to 1.The sector’s aggregate long/short ratio (MV) on the GS Prime book ended the week at 2.53, which is in the 2nd percentile vs. the past year and in the 77th percentile vs. the past five years. The GS Prime book is now O/W US Consumer Discretionary stocks by +3.3% vs. the S&P 500, which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.","news_type":1,"symbols_score_info":{".IXIC":0.9,"NDX":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4299205,"gmtCreate":1620787022224,"gmtModify":1635497428451,"authorId":3582101321255914,"author":{"id":3582101321255914,"idStr":"3582101321255914","authorId":3582101321255914,"name":"乌雨花香","avatar":"https://static.tigerbbs.com/98b16b55879fd1a4b831b436592733a7","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":193649037,"type":1,"supId":0,"prevId":0,"content":"💪","text":"💪","html":"💪"},{"id":4299246,"gmtCreate":1620787284673,"gmtModify":1635497424864,"authorId":3582247784259936,"author":{"id":3582247784259936,"idStr":"3582247784259936","authorId":3582247784259936,"name":"WZiYa","avatar":"https://static.tigerbbs.com/418373610e9f9bc136d59640853bc53e","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":193649037,"type":1,"supId":4299205,"prevId":0,"content":"Yeah!","text":"Yeah!","html":"Yeah!"}],"langContent":"EN"},{"id":193691355,"gmtCreate":1620782710177,"gmtModify":1634196353274,"author":{"id":"3582447838936663","authorId":"3582447838936663","name":"Yv777","avatar":"https://static.tigerbbs.com/53c14349558dee59645251b483870b48","vip":1,"crmLevel":11,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"3582447838936663","authorIdStr":"3582447838936663"},"htmlText":"Tech is the future","listText":"Tech is the future","text":"Tech is the future","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/193691355","repostId":1148549916,"repostType":4,"repost":{"id":"1148549916","kind":"news","pubTimestamp":1620718159,"share":"https://www.laohunote.com/m/news/1148549916?lang=zh_CN&edition=full","pubTime":"2021-05-11 15:29","market":"us","language":"en","title":"Hedge Fund Gross Leverage Hits All Time High As HFs Furiously Short Tech Stocks<blockquote>HFs 疯狂做空科技股，对冲基金总杠杆创历史新高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1148549916","media":"zerohedge","summary":"Hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World, the lowest level since last November and in the 3rd percentile vs. the past five years.","content":"Hedge funds had another rough week according to Goldman's Prime Brokerage, with the GS Equity Fundamental L/S&nbsp; Performance Estimate falling -1.68% between 4/30 and 5/6 (vs MSCI World TR -0.33%), driven by alpha of -1.11% – the worst weekly alpha in two months – and to a lesser extent beta of -0.57% (from market exposure and the market sensitivity factor combined). As a result, global fundamental equity L/S hedge funds lost almost two-thirds of their YTD gains in just the past week, bringing their total YTD return to just 0.97% in what is setting up as another dismal year for the 2 and 20 crowd.<blockquote>根据高盛的主要经纪公司的数据，对冲基金又经历了艰难的一周，GS Equity基本面L/S业绩预期在4月30日至5月6日之间下跌了-1.68%（相对于摩根士丹利资本国际世界TR-0.33%），这是由-1.11%的alpha（两个月来最差的每周alpha）和-0.57%的贝塔（来自市场敞口和市场敏感性因素的结合）推动的。结果，全球基本面股票L/S对冲基金在过去一周就损失了近三分之二的年初至今收益，使其年初至今总回报率仅为0.97%，这对2岁和20岁的人群来说又是一个惨淡的一年。</blockquote><img src=\"https://static.tigerbbs.com/4c1d262955a001211ed92ecfceca5b3d\" tg-width=\"501\" tg-height=\"472\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>What is remarkable is just how sensitive to overall market beta the hedge fund space has become, and there is a reason for that: according to Goldman Prime,overall book Gross leverage rose +1.7 pts to 247.1%, the highest on record,while Net leverage fell -0.9 pts to 88.2% (not quite an all time high, but still 87th percentile).<blockquote>值得注意的是，对冲基金领域对整体市场贝塔值变得如此敏感，这是有原因的：根据高盛Prime的数据，整体账面总杠杆率上升 +1.7 个百分点至 247.1%，创历史新高，而净杠杆率下降-0.9个百分点至88.2%（虽然不是历史最高水平，但仍处于第87个百分位）。</blockquote><img src=\"https://static.tigerbbs.com/8e8665b4387577b4f2b41e5791e348b3\" tg-width=\"1087\" tg-height=\"487\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>Looking at the composition of hedge fund purchases,the overall GS Prime book was modestly net bought again in the past week(+0.15 SDs), driven by risk-on flows as long buys outpaced short sales. Specifically, single Names were net bought while Macro Products (Index and ETF combined) were net sold. North America and to a lesser extent Europe were net bought driven by long buys, while DM Asia and EM Asia were net sold driven by short sales. 8 of 11 global sectors were net bought led in $ terms by Consumer Disc, Health Care, Staples and Real Estate, while Info Tech, Materials, and Financials were net sold.<blockquote>从对冲基金购买的构成来看，过去一周，GS Prime book 的整体净购买量再次温和（+0.15 SDs），由风险流动驱动，因为多头买入超过了卖空。具体来说，单个名称被净买入，而宏观产品（指数和 ETF 合并）被净卖出。北美以及在较小程度上欧洲是由多头买入驱动的净买入，而DM Asia和EM Asia是由卖空驱动的净卖出。11个全球板块中有8个被净买入，以美元计算，其中消费光盘、医疗保健、必需品和房地产为首，而信息技术、材料和金融则被净卖出。</blockquote>Meanwhile, continuing the trend first observed last weekwhen we noted that hedge funds shorted tech sharesfor 9 of the previous 10 days, Goldman notes thatInfo Tech saw the largest net selling in nine months as managers reduced exposure for a third straight week.And in a surprise reversal to months of bullishness on IT, GS Prime points out that hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.<blockquote>与此同时，高盛继续上周首次观察到的趋势，当时我们注意到对冲基金在过去 10 天中有 9 天做空了科技股，高盛指出：由于经理们连续第三周减少敞口，信息技术行业出现了九个月来最大的净销售额。GS Prime 指出，对冲基金目前对跑输大盘信息科技股的看涨情绪出人意料地逆转，相对于 MSCI World，对冲基金的看涨情绪目前下跌了 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</blockquote>Some more details from the Goldman reports:<blockquote>高盛报告中的更多细节：</blockquote><ul><li>Info Tech, the worst performing sector this week,was also by far the most net sold sector on the GS Prime book driven by short sales outpacing long buys 7 to 1.</li><li>Info Tech stocks were net sold for a third straight week and saw the largest week/week $ net selling since last August (-1.6 SDs). Net trading flow diverged on a subsector level – Semis &amp; Semi Equip, Software, and Electronic Equip were the most net sold, while Comm Equip and IT Services were the most net bought.</li><li>Hedge funds are currently U/W Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.</li><li>From an industry group standpoint, hedge funds are still O/W Software &amp; Svcs by +4.7% (28th percentile) and U/W Semis &amp; Semi Equip and Tech Hardware by -1.6% (13th percentile) and -4.3% (18th percentile), respectively</li></ul><img src=\"https://static.tigerbbs.com/9fd6a23b77549f58ef41bd23b5de74c0\" tg-width=\"656\" tg-height=\"385\" referrerpolicy=\"no-referrer\">And while hedge funds shorted tech, the Goldman US Consumer Discretionary sector saw the largest net buying in three months driven by E-Commerce stocks. As a result, the GS Prime book is now O/W US Consumer Discretionary by +3.3% vs. the S&amp;P 500,which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.<blockquote><ul><li>信息技术是本周表现最差的板块，也是迄今为止 GS Prime book 净卖出最多的板块，其驱动力是卖空量以 7 比 1 超过多头买入。</li><li>信息科技股连续第三周净卖出，并出现自去年 8 月以来最大的周/周净卖出 (-1.6 SDs)。子行业层面的净交易流量有所不同——半成品和半设备、软件和电子设备是净卖出最多的，而通信设备和 IT 服务是净买入最多的。</li><li>与 MSCI World 相比，对冲基金目前持有信息科技股 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</li><li>从行业集团的角度来看，对冲基金仍然是O/W软件和SVC，增长了+4.7%（第28个百分位），U/W半设备和技术硬件分别增长了-1.6%（第13个百分位）和-4.3%（第18个百分位）</li></ul>尽管对冲基金做空科技股，但在电子商务股票的推动下，高盛美国非必需消费品行业出现了三个月来最大的净买入。因此，与标普500相比，GS Prime book 目前比美国非必需消费品上涨 +3.3%，与过去一年相比处于第 9 个百分位，与过去五年相比处于第 50 个百分位.</blockquote><ul><li>In $ terms, Consumer Discretionary was the most net bought US sector on the GS Prime book this week, driven by risk-on flows with long buys outpacing short sales 4 to 1.</li><li>The sector’s aggregate long/short ratio (MV) on the GS Prime book ended the week at 2.53, which is in the 2nd percentile vs. the past year and in the 77th percentile vs. the past five years. The GS Prime book is now O/W US Consumer Discretionary stocks by +3.3% vs. the S&amp;P 500, which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.</li></ul><img src=\"https://static.tigerbbs.com/f91bb2509f471f3239a9d3978a8a1581\" tg-width=\"656\" tg-height=\"383\" referrerpolicy=\"no-referrer\"><blockquote><ul><li>以美元计算，非必需消费品是本周 GS Prime book 上净买入最多的美国板块，受风险偏好资金的推动，多头买入数量超过卖空数量的 4 比 1。</li><li>GS Prime book 上该行业的总多空比率 (MV) 本周结束时为 2.53，与去年相比处于第 2 个百分位，与过去五年相比处于第 77 个百分位。与标普500相比，GS Prime book现在O/W美国非必需消费品库存+3.3%，与去年相比处于第9个百分位，与过去五年相比处于第50个百分位。</li></ul></blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hedge Fund Gross Leverage Hits All Time High As HFs Furiously Short Tech Stocks<blockquote>HFs 疯狂做空科技股，对冲基金总杠杆创历史新高</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHedge Fund Gross Leverage Hits All Time High As HFs Furiously Short Tech Stocks<blockquote>HFs 疯狂做空科技股，对冲基金总杠杆创历史新高</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nzerohedge2021-05-11 15:29\n\n</h4>\n</header>\n<article>\nHedge funds had another rough week according to Goldman's Prime Brokerage, with the GS Equity Fundamental L/S&nbsp; Performance Estimate falling -1.68% between 4/30 and 5/6 (vs MSCI World TR -0.33%), driven by alpha of -1.11% – the worst weekly alpha in two months – and to a lesser extent beta of -0.57% (from market exposure and the market sensitivity factor combined). As a result, global fundamental equity L/S hedge funds lost almost two-thirds of their YTD gains in just the past week, bringing their total YTD return to just 0.97% in what is setting up as another dismal year for the 2 and 20 crowd.<blockquote>根据高盛的主要经纪公司的数据，对冲基金又经历了艰难的一周，GS Equity基本面L/S业绩预期在4月30日至5月6日之间下跌了-1.68%（相对于摩根士丹利资本国际世界TR-0.33%），这是由-1.11%的alpha（两个月来最差的每周alpha）和-0.57%的贝塔（来自市场敞口和市场敏感性因素的结合）推动的。结果，全球基本面股票L/S对冲基金在过去一周就损失了近三分之二的年初至今收益，使其年初至今总回报率仅为0.97%，这对2岁和20岁的人群来说又是一个惨淡的一年。</blockquote><img src=\"https://static.tigerbbs.com/4c1d262955a001211ed92ecfceca5b3d\" tg-width=\"501\" tg-height=\"472\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>What is remarkable is just how sensitive to overall market beta the hedge fund space has become, and there is a reason for that: according to Goldman Prime,overall book Gross leverage rose +1.7 pts to 247.1%, the highest on record,while Net leverage fell -0.9 pts to 88.2% (not quite an all time high, but still 87th percentile).<blockquote>值得注意的是，对冲基金领域对整体市场贝塔值变得如此敏感，这是有原因的：根据高盛Prime的数据，整体账面总杠杆率上升 +1.7 个百分点至 247.1%，创历史新高，而净杠杆率下降-0.9个百分点至88.2%（虽然不是历史最高水平，但仍处于第87个百分位）。</blockquote><img src=\"https://static.tigerbbs.com/8e8665b4387577b4f2b41e5791e348b3\" tg-width=\"1087\" tg-height=\"487\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>Looking at the composition of hedge fund purchases,the overall GS Prime book was modestly net bought again in the past week(+0.15 SDs), driven by risk-on flows as long buys outpaced short sales. Specifically, single Names were net bought while Macro Products (Index and ETF combined) were net sold. North America and to a lesser extent Europe were net bought driven by long buys, while DM Asia and EM Asia were net sold driven by short sales. 8 of 11 global sectors were net bought led in $ terms by Consumer Disc, Health Care, Staples and Real Estate, while Info Tech, Materials, and Financials were net sold.<blockquote>从对冲基金购买的构成来看，过去一周，GS Prime book 的整体净购买量再次温和（+0.15 SDs），由风险流动驱动，因为多头买入超过了卖空。具体来说，单个名称被净买入，而宏观产品（指数和 ETF 合并）被净卖出。北美以及在较小程度上欧洲是由多头买入驱动的净买入，而DM Asia和EM Asia是由卖空驱动的净卖出。11个全球板块中有8个被净买入，以美元计算，其中消费光盘、医疗保健、必需品和房地产为首，而信息技术、材料和金融则被净卖出。</blockquote>Meanwhile, continuing the trend first observed last weekwhen we noted that hedge funds shorted tech sharesfor 9 of the previous 10 days, Goldman notes thatInfo Tech saw the largest net selling in nine months as managers reduced exposure for a third straight week.And in a surprise reversal to months of bullishness on IT, GS Prime points out that hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.<blockquote>与此同时，高盛继续上周首次观察到的趋势，当时我们注意到对冲基金在过去 10 天中有 9 天做空了科技股，高盛指出：由于经理们连续第三周减少敞口，信息技术行业出现了九个月来最大的净销售额。GS Prime 指出，对冲基金目前对跑输大盘信息科技股的看涨情绪出人意料地逆转，相对于 MSCI World，对冲基金的看涨情绪目前下跌了 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</blockquote>Some more details from the Goldman reports:<blockquote>高盛报告中的更多细节：</blockquote><ul><li>Info Tech, the worst performing sector this week,was also by far the most net sold sector on the GS Prime book driven by short sales outpacing long buys 7 to 1.</li><li>Info Tech stocks were net sold for a third straight week and saw the largest week/week $ net selling since last August (-1.6 SDs). Net trading flow diverged on a subsector level – Semis &amp; Semi Equip, Software, and Electronic Equip were the most net sold, while Comm Equip and IT Services were the most net bought.</li><li>Hedge funds are currently U/W Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.</li><li>From an industry group standpoint, hedge funds are still O/W Software &amp; Svcs by +4.7% (28th percentile) and U/W Semis &amp; Semi Equip and Tech Hardware by -1.6% (13th percentile) and -4.3% (18th percentile), respectively</li></ul><img src=\"https://static.tigerbbs.com/9fd6a23b77549f58ef41bd23b5de74c0\" tg-width=\"656\" tg-height=\"385\" referrerpolicy=\"no-referrer\">And while hedge funds shorted tech, the Goldman US Consumer Discretionary sector saw the largest net buying in three months driven by E-Commerce stocks. As a result, the GS Prime book is now O/W US Consumer Discretionary by +3.3% vs. the S&amp;P 500,which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.<blockquote><ul><li>信息技术是本周表现最差的板块，也是迄今为止 GS Prime book 净卖出最多的板块，其驱动力是卖空量以 7 比 1 超过多头买入。</li><li>信息科技股连续第三周净卖出，并出现自去年 8 月以来最大的周/周净卖出 (-1.6 SDs)。子行业层面的净交易流量有所不同——半成品和半设备、软件和电子设备是净卖出最多的，而通信设备和 IT 服务是净买入最多的。</li><li>与 MSCI World 相比，对冲基金目前持有信息科技股 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</li><li>从行业集团的角度来看，对冲基金仍然是O/W软件和SVC，增长了+4.7%（第28个百分位），U/W半设备和技术硬件分别增长了-1.6%（第13个百分位）和-4.3%（第18个百分位）</li></ul>尽管对冲基金做空科技股，但在电子商务股票的推动下，高盛美国非必需消费品行业出现了三个月来最大的净买入。因此，与标普500相比，GS Prime book 目前比美国非必需消费品上涨 +3.3%，与过去一年相比处于第 9 个百分位，与过去五年相比处于第 50 个百分位.</blockquote><ul><li>In $ terms, Consumer Discretionary was the most net bought US sector on the GS Prime book this week, driven by risk-on flows with long buys outpacing short sales 4 to 1.</li><li>The sector’s aggregate long/short ratio (MV) on the GS Prime book ended the week at 2.53, which is in the 2nd percentile vs. the past year and in the 77th percentile vs. the past five years. The GS Prime book is now O/W US Consumer Discretionary stocks by +3.3% vs. the S&amp;P 500, which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.</li></ul><img src=\"https://static.tigerbbs.com/f91bb2509f471f3239a9d3978a8a1581\" tg-width=\"656\" tg-height=\"383\" referrerpolicy=\"no-referrer\"><blockquote><ul><li>以美元计算，非必需消费品是本周 GS Prime book 上净买入最多的美国板块，受风险偏好资金的推动，多头买入数量超过卖空数量的 4 比 1。</li><li>GS Prime book 上该行业的总多空比率 (MV) 本周结束时为 2.53，与去年相比处于第 2 个百分位，与过去五年相比处于第 77 个百分位。与标普500相比，GS Prime book现在O/W美国非必需消费品库存+3.3%，与去年相比处于第9个百分位，与过去五年相比处于第50个百分位。</li></ul></blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.zerohedge.com/markets/hedge-fund-gross-leverage-hits-all-time-high-hfs-furiously-short-tech-stocks\">zerohedge</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","NDX":"纳斯达克100指数"},"source_url":"https://www.zerohedge.com/markets/hedge-fund-gross-leverage-hits-all-time-high-hfs-furiously-short-tech-stocks","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148549916","content_text":"Hedge funds had another rough week according to Goldman's Prime Brokerage, with the GS Equity Fundamental L/S  Performance Estimate falling -1.68% between 4/30 and 5/6 (vs MSCI World TR -0.33%), driven by alpha of -1.11% – the worst weekly alpha in two months – and to a lesser extent beta of -0.57% (from market exposure and the market sensitivity factor combined). As a result, global fundamental equity L/S hedge funds lost almost two-thirds of their YTD gains in just the past week, bringing their total YTD return to just 0.97% in what is setting up as another dismal year for the 2 and 20 crowd.What is remarkable is just how sensitive to overall market beta the hedge fund space has become, and there is a reason for that: according to Goldman Prime,overall book Gross leverage rose +1.7 pts to 247.1%, the highest on record,while Net leverage fell -0.9 pts to 88.2% (not quite an all time high, but still 87th percentile).Looking at the composition of hedge fund purchases,the overall GS Prime book was modestly net bought again in the past week(+0.15 SDs), driven by risk-on flows as long buys outpaced short sales. Specifically, single Names were net bought while Macro Products (Index and ETF combined) were net sold. North America and to a lesser extent Europe were net bought driven by long buys, while DM Asia and EM Asia were net sold driven by short sales. 8 of 11 global sectors were net bought led in $ terms by Consumer Disc, Health Care, Staples and Real Estate, while Info Tech, Materials, and Financials were net sold.Meanwhile, continuing the trend first observed last weekwhen we noted that hedge funds shorted tech sharesfor 9 of the previous 10 days, Goldman notes thatInfo Tech saw the largest net selling in nine months as managers reduced exposure for a third straight week.And in a surprise reversal to months of bullishness on IT, GS Prime points out that hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.Some more details from the Goldman reports:Info Tech, the worst performing sector this week,was also by far the most net sold sector on the GS Prime book driven by short sales outpacing long buys 7 to 1.Info Tech stocks were net sold for a third straight week and saw the largest week/week $ net selling since last August (-1.6 SDs). Net trading flow diverged on a subsector level – Semis & Semi Equip, Software, and Electronic Equip were the most net sold, while Comm Equip and IT Services were the most net bought.Hedge funds are currently U/W Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.From an industry group standpoint, hedge funds are still O/W Software & Svcs by +4.7% (28th percentile) and U/W Semis & Semi Equip and Tech Hardware by -1.6% (13th percentile) and -4.3% (18th percentile), respectivelyAnd while hedge funds shorted tech, the Goldman US Consumer Discretionary sector saw the largest net buying in three months driven by E-Commerce stocks. As a result, the GS Prime book is now O/W US Consumer Discretionary by +3.3% vs. the S&P 500,which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.In $ terms, Consumer Discretionary was the most net bought US sector on the GS Prime book this week, driven by risk-on flows with long buys outpacing short sales 4 to 1.The sector’s aggregate long/short ratio (MV) on the GS Prime book ended the week at 2.53, which is in the 2nd percentile vs. the past year and in the 77th percentile vs. the past five years. The GS Prime book is now O/W US Consumer Discretionary stocks by +3.3% vs. the S&P 500, which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.","news_type":1,"symbols_score_info":{".IXIC":0.9,"NDX":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":193847730,"gmtCreate":1620781705420,"gmtModify":1634196370362,"author":{"id":"3581648304340133","authorId":"3581648304340133","name":"arthurxyz","avatar":"https://static.tigerbbs.com/4a1a6522c49876d44c7f07bb6f805ab5","vip":1,"crmLevel":11,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"3581648304340133","authorIdStr":"3581648304340133"},"htmlText":"Valuation normalisation","listText":"Valuation normalisation","text":"Valuation normalisation","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/193847730","repostId":1148549916,"repostType":4,"repost":{"id":"1148549916","kind":"news","pubTimestamp":1620718159,"share":"https://www.laohunote.com/m/news/1148549916?lang=zh_CN&edition=full","pubTime":"2021-05-11 15:29","market":"us","language":"en","title":"Hedge Fund Gross Leverage Hits All Time High As HFs Furiously Short Tech Stocks<blockquote>HFs 疯狂做空科技股，对冲基金总杠杆创历史新高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1148549916","media":"zerohedge","summary":"Hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World, the lowest level since last November and in the 3rd percentile vs. the past five years.","content":"Hedge funds had another rough week according to Goldman's Prime Brokerage, with the GS Equity Fundamental L/S&nbsp; Performance Estimate falling -1.68% between 4/30 and 5/6 (vs MSCI World TR -0.33%), driven by alpha of -1.11% – the worst weekly alpha in two months – and to a lesser extent beta of -0.57% (from market exposure and the market sensitivity factor combined). As a result, global fundamental equity L/S hedge funds lost almost two-thirds of their YTD gains in just the past week, bringing their total YTD return to just 0.97% in what is setting up as another dismal year for the 2 and 20 crowd.<blockquote>根据高盛的主要经纪公司的数据，对冲基金又经历了艰难的一周，GS Equity基本面L/S业绩预期在4月30日至5月6日之间下跌了-1.68%（相对于摩根士丹利资本国际世界TR-0.33%），这是由-1.11%的alpha（两个月来最差的每周alpha）和-0.57%的贝塔（来自市场敞口和市场敏感性因素的结合）推动的。结果，全球基本面股票L/S对冲基金在过去一周就损失了近三分之二的年初至今收益，使其年初至今总回报率仅为0.97%，这对2岁和20岁的人群来说又是一个惨淡的一年。</blockquote><img src=\"https://static.tigerbbs.com/4c1d262955a001211ed92ecfceca5b3d\" tg-width=\"501\" tg-height=\"472\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>What is remarkable is just how sensitive to overall market beta the hedge fund space has become, and there is a reason for that: according to Goldman Prime,overall book Gross leverage rose +1.7 pts to 247.1%, the highest on record,while Net leverage fell -0.9 pts to 88.2% (not quite an all time high, but still 87th percentile).<blockquote>值得注意的是，对冲基金领域对整体市场贝塔值变得如此敏感，这是有原因的：根据高盛Prime的数据，整体账面总杠杆率上升 +1.7 个百分点至 247.1%，创历史新高，而净杠杆率下降-0.9个百分点至88.2%（虽然不是历史最高水平，但仍处于第87个百分位）。</blockquote><img src=\"https://static.tigerbbs.com/8e8665b4387577b4f2b41e5791e348b3\" tg-width=\"1087\" tg-height=\"487\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>Looking at the composition of hedge fund purchases,the overall GS Prime book was modestly net bought again in the past week(+0.15 SDs), driven by risk-on flows as long buys outpaced short sales. Specifically, single Names were net bought while Macro Products (Index and ETF combined) were net sold. North America and to a lesser extent Europe were net bought driven by long buys, while DM Asia and EM Asia were net sold driven by short sales. 8 of 11 global sectors were net bought led in $ terms by Consumer Disc, Health Care, Staples and Real Estate, while Info Tech, Materials, and Financials were net sold.<blockquote>从对冲基金购买的构成来看，过去一周，GS Prime book 的整体净购买量再次温和（+0.15 SDs），由风险流动驱动，因为多头买入超过了卖空。具体来说，单个名称被净买入，而宏观产品（指数和 ETF 合并）被净卖出。北美以及在较小程度上欧洲是由多头买入驱动的净买入，而DM Asia和EM Asia是由卖空驱动的净卖出。11个全球板块中有8个被净买入，以美元计算，其中消费光盘、医疗保健、必需品和房地产为首，而信息技术、材料和金融则被净卖出。</blockquote>Meanwhile, continuing the trend first observed last weekwhen we noted that hedge funds shorted tech sharesfor 9 of the previous 10 days, Goldman notes thatInfo Tech saw the largest net selling in nine months as managers reduced exposure for a third straight week.And in a surprise reversal to months of bullishness on IT, GS Prime points out that hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.<blockquote>与此同时，高盛继续上周首次观察到的趋势，当时我们注意到对冲基金在过去 10 天中有 9 天做空了科技股，高盛指出：由于经理们连续第三周减少敞口，信息技术行业出现了九个月来最大的净销售额。GS Prime 指出，对冲基金目前对跑输大盘信息科技股的看涨情绪出人意料地逆转，相对于 MSCI World，对冲基金的看涨情绪目前下跌了 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</blockquote>Some more details from the Goldman reports:<blockquote>高盛报告中的更多细节：</blockquote><ul><li>Info Tech, the worst performing sector this week,was also by far the most net sold sector on the GS Prime book driven by short sales outpacing long buys 7 to 1.</li><li>Info Tech stocks were net sold for a third straight week and saw the largest week/week $ net selling since last August (-1.6 SDs). Net trading flow diverged on a subsector level – Semis &amp; Semi Equip, Software, and Electronic Equip were the most net sold, while Comm Equip and IT Services were the most net bought.</li><li>Hedge funds are currently U/W Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.</li><li>From an industry group standpoint, hedge funds are still O/W Software &amp; Svcs by +4.7% (28th percentile) and U/W Semis &amp; Semi Equip and Tech Hardware by -1.6% (13th percentile) and -4.3% (18th percentile), respectively</li></ul><img src=\"https://static.tigerbbs.com/9fd6a23b77549f58ef41bd23b5de74c0\" tg-width=\"656\" tg-height=\"385\" referrerpolicy=\"no-referrer\">And while hedge funds shorted tech, the Goldman US Consumer Discretionary sector saw the largest net buying in three months driven by E-Commerce stocks. As a result, the GS Prime book is now O/W US Consumer Discretionary by +3.3% vs. the S&amp;P 500,which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.<blockquote><ul><li>信息技术是本周表现最差的板块，也是迄今为止 GS Prime book 净卖出最多的板块，其驱动力是卖空量以 7 比 1 超过多头买入。</li><li>信息科技股连续第三周净卖出，并出现自去年 8 月以来最大的周/周净卖出 (-1.6 SDs)。子行业层面的净交易流量有所不同——半成品和半设备、软件和电子设备是净卖出最多的，而通信设备和 IT 服务是净买入最多的。</li><li>与 MSCI World 相比，对冲基金目前持有信息科技股 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</li><li>从行业集团的角度来看，对冲基金仍然是O/W软件和SVC，增长了+4.7%（第28个百分位），U/W半设备和技术硬件分别增长了-1.6%（第13个百分位）和-4.3%（第18个百分位）</li></ul>尽管对冲基金做空科技股，但在电子商务股票的推动下，高盛美国非必需消费品行业出现了三个月来最大的净买入。因此，与标普500相比，GS Prime book 目前比美国非必需消费品上涨 +3.3%，与过去一年相比处于第 9 个百分位，与过去五年相比处于第 50 个百分位.</blockquote><ul><li>In $ terms, Consumer Discretionary was the most net bought US sector on the GS Prime book this week, driven by risk-on flows with long buys outpacing short sales 4 to 1.</li><li>The sector’s aggregate long/short ratio (MV) on the GS Prime book ended the week at 2.53, which is in the 2nd percentile vs. the past year and in the 77th percentile vs. the past five years. The GS Prime book is now O/W US Consumer Discretionary stocks by +3.3% vs. the S&amp;P 500, which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.</li></ul><img src=\"https://static.tigerbbs.com/f91bb2509f471f3239a9d3978a8a1581\" tg-width=\"656\" tg-height=\"383\" referrerpolicy=\"no-referrer\"><blockquote><ul><li>以美元计算，非必需消费品是本周 GS Prime book 上净买入最多的美国板块，受风险偏好资金的推动，多头买入数量超过卖空数量的 4 比 1。</li><li>GS Prime book 上该行业的总多空比率 (MV) 本周结束时为 2.53，与去年相比处于第 2 个百分位，与过去五年相比处于第 77 个百分位。与标普500相比，GS Prime book现在O/W美国非必需消费品库存+3.3%，与去年相比处于第9个百分位，与过去五年相比处于第50个百分位。</li></ul></blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hedge Fund Gross Leverage Hits All Time High As HFs Furiously Short Tech Stocks<blockquote>HFs 疯狂做空科技股，对冲基金总杠杆创历史新高</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHedge Fund Gross Leverage Hits All Time High As HFs Furiously Short Tech Stocks<blockquote>HFs 疯狂做空科技股，对冲基金总杠杆创历史新高</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nzerohedge2021-05-11 15:29\n\n</h4>\n</header>\n<article>\nHedge funds had another rough week according to Goldman's Prime Brokerage, with the GS Equity Fundamental L/S&nbsp; Performance Estimate falling -1.68% between 4/30 and 5/6 (vs MSCI World TR -0.33%), driven by alpha of -1.11% – the worst weekly alpha in two months – and to a lesser extent beta of -0.57% (from market exposure and the market sensitivity factor combined). As a result, global fundamental equity L/S hedge funds lost almost two-thirds of their YTD gains in just the past week, bringing their total YTD return to just 0.97% in what is setting up as another dismal year for the 2 and 20 crowd.<blockquote>根据高盛的主要经纪公司的数据，对冲基金又经历了艰难的一周，GS Equity基本面L/S业绩预期在4月30日至5月6日之间下跌了-1.68%（相对于摩根士丹利资本国际世界TR-0.33%），这是由-1.11%的alpha（两个月来最差的每周alpha）和-0.57%的贝塔（来自市场敞口和市场敏感性因素的结合）推动的。结果，全球基本面股票L/S对冲基金在过去一周就损失了近三分之二的年初至今收益，使其年初至今总回报率仅为0.97%，这对2岁和20岁的人群来说又是一个惨淡的一年。</blockquote><img src=\"https://static.tigerbbs.com/4c1d262955a001211ed92ecfceca5b3d\" tg-width=\"501\" tg-height=\"472\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>What is remarkable is just how sensitive to overall market beta the hedge fund space has become, and there is a reason for that: according to Goldman Prime,overall book Gross leverage rose +1.7 pts to 247.1%, the highest on record,while Net leverage fell -0.9 pts to 88.2% (not quite an all time high, but still 87th percentile).<blockquote>值得注意的是，对冲基金领域对整体市场贝塔值变得如此敏感，这是有原因的：根据高盛Prime的数据，整体账面总杠杆率上升 +1.7 个百分点至 247.1%，创历史新高，而净杠杆率下降-0.9个百分点至88.2%（虽然不是历史最高水平，但仍处于第87个百分位）。</blockquote><img src=\"https://static.tigerbbs.com/8e8665b4387577b4f2b41e5791e348b3\" tg-width=\"1087\" tg-height=\"487\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>Looking at the composition of hedge fund purchases,the overall GS Prime book was modestly net bought again in the past week(+0.15 SDs), driven by risk-on flows as long buys outpaced short sales. Specifically, single Names were net bought while Macro Products (Index and ETF combined) were net sold. North America and to a lesser extent Europe were net bought driven by long buys, while DM Asia and EM Asia were net sold driven by short sales. 8 of 11 global sectors were net bought led in $ terms by Consumer Disc, Health Care, Staples and Real Estate, while Info Tech, Materials, and Financials were net sold.<blockquote>从对冲基金购买的构成来看，过去一周，GS Prime book 的整体净购买量再次温和（+0.15 SDs），由风险流动驱动，因为多头买入超过了卖空。具体来说，单个名称被净买入，而宏观产品（指数和 ETF 合并）被净卖出。北美以及在较小程度上欧洲是由多头买入驱动的净买入，而DM Asia和EM Asia是由卖空驱动的净卖出。11个全球板块中有8个被净买入，以美元计算，其中消费光盘、医疗保健、必需品和房地产为首，而信息技术、材料和金融则被净卖出。</blockquote>Meanwhile, continuing the trend first observed last weekwhen we noted that hedge funds shorted tech sharesfor 9 of the previous 10 days, Goldman notes thatInfo Tech saw the largest net selling in nine months as managers reduced exposure for a third straight week.And in a surprise reversal to months of bullishness on IT, GS Prime points out that hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.<blockquote>与此同时，高盛继续上周首次观察到的趋势，当时我们注意到对冲基金在过去 10 天中有 9 天做空了科技股，高盛指出：由于经理们连续第三周减少敞口，信息技术行业出现了九个月来最大的净销售额。GS Prime 指出，对冲基金目前对跑输大盘信息科技股的看涨情绪出人意料地逆转，相对于 MSCI World，对冲基金的看涨情绪目前下跌了 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</blockquote>Some more details from the Goldman reports:<blockquote>高盛报告中的更多细节：</blockquote><ul><li>Info Tech, the worst performing sector this week,was also by far the most net sold sector on the GS Prime book driven by short sales outpacing long buys 7 to 1.</li><li>Info Tech stocks were net sold for a third straight week and saw the largest week/week $ net selling since last August (-1.6 SDs). Net trading flow diverged on a subsector level – Semis &amp; Semi Equip, Software, and Electronic Equip were the most net sold, while Comm Equip and IT Services were the most net bought.</li><li>Hedge funds are currently U/W Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.</li><li>From an industry group standpoint, hedge funds are still O/W Software &amp; Svcs by +4.7% (28th percentile) and U/W Semis &amp; Semi Equip and Tech Hardware by -1.6% (13th percentile) and -4.3% (18th percentile), respectively</li></ul><img src=\"https://static.tigerbbs.com/9fd6a23b77549f58ef41bd23b5de74c0\" tg-width=\"656\" tg-height=\"385\" referrerpolicy=\"no-referrer\">And while hedge funds shorted tech, the Goldman US Consumer Discretionary sector saw the largest net buying in three months driven by E-Commerce stocks. As a result, the GS Prime book is now O/W US Consumer Discretionary by +3.3% vs. the S&amp;P 500,which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.<blockquote><ul><li>信息技术是本周表现最差的板块，也是迄今为止 GS Prime book 净卖出最多的板块，其驱动力是卖空量以 7 比 1 超过多头买入。</li><li>信息科技股连续第三周净卖出，并出现自去年 8 月以来最大的周/周净卖出 (-1.6 SDs)。子行业层面的净交易流量有所不同——半成品和半设备、软件和电子设备是净卖出最多的，而通信设备和 IT 服务是净买入最多的。</li><li>与 MSCI World 相比，对冲基金目前持有信息科技股 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</li><li>从行业集团的角度来看，对冲基金仍然是O/W软件和SVC，增长了+4.7%（第28个百分位），U/W半设备和技术硬件分别增长了-1.6%（第13个百分位）和-4.3%（第18个百分位）</li></ul>尽管对冲基金做空科技股，但在电子商务股票的推动下，高盛美国非必需消费品行业出现了三个月来最大的净买入。因此，与标普500相比，GS Prime book 目前比美国非必需消费品上涨 +3.3%，与过去一年相比处于第 9 个百分位，与过去五年相比处于第 50 个百分位.</blockquote><ul><li>In $ terms, Consumer Discretionary was the most net bought US sector on the GS Prime book this week, driven by risk-on flows with long buys outpacing short sales 4 to 1.</li><li>The sector’s aggregate long/short ratio (MV) on the GS Prime book ended the week at 2.53, which is in the 2nd percentile vs. the past year and in the 77th percentile vs. the past five years. The GS Prime book is now O/W US Consumer Discretionary stocks by +3.3% vs. the S&amp;P 500, which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.</li></ul><img src=\"https://static.tigerbbs.com/f91bb2509f471f3239a9d3978a8a1581\" tg-width=\"656\" tg-height=\"383\" referrerpolicy=\"no-referrer\"><blockquote><ul><li>以美元计算，非必需消费品是本周 GS Prime book 上净买入最多的美国板块，受风险偏好资金的推动，多头买入数量超过卖空数量的 4 比 1。</li><li>GS Prime book 上该行业的总多空比率 (MV) 本周结束时为 2.53，与去年相比处于第 2 个百分位，与过去五年相比处于第 77 个百分位。与标普500相比，GS Prime book现在O/W美国非必需消费品库存+3.3%，与去年相比处于第9个百分位，与过去五年相比处于第50个百分位。</li></ul></blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.zerohedge.com/markets/hedge-fund-gross-leverage-hits-all-time-high-hfs-furiously-short-tech-stocks\">zerohedge</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","NDX":"纳斯达克100指数"},"source_url":"https://www.zerohedge.com/markets/hedge-fund-gross-leverage-hits-all-time-high-hfs-furiously-short-tech-stocks","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148549916","content_text":"Hedge funds had another rough week according to Goldman's Prime Brokerage, with the GS Equity Fundamental L/S  Performance Estimate falling -1.68% between 4/30 and 5/6 (vs MSCI World TR -0.33%), driven by alpha of -1.11% – the worst weekly alpha in two months – and to a lesser extent beta of -0.57% (from market exposure and the market sensitivity factor combined). As a result, global fundamental equity L/S hedge funds lost almost two-thirds of their YTD gains in just the past week, bringing their total YTD return to just 0.97% in what is setting up as another dismal year for the 2 and 20 crowd.What is remarkable is just how sensitive to overall market beta the hedge fund space has become, and there is a reason for that: according to Goldman Prime,overall book Gross leverage rose +1.7 pts to 247.1%, the highest on record,while Net leverage fell -0.9 pts to 88.2% (not quite an all time high, but still 87th percentile).Looking at the composition of hedge fund purchases,the overall GS Prime book was modestly net bought again in the past week(+0.15 SDs), driven by risk-on flows as long buys outpaced short sales. Specifically, single Names were net bought while Macro Products (Index and ETF combined) were net sold. North America and to a lesser extent Europe were net bought driven by long buys, while DM Asia and EM Asia were net sold driven by short sales. 8 of 11 global sectors were net bought led in $ terms by Consumer Disc, Health Care, Staples and Real Estate, while Info Tech, Materials, and Financials were net sold.Meanwhile, continuing the trend first observed last weekwhen we noted that hedge funds shorted tech sharesfor 9 of the previous 10 days, Goldman notes thatInfo Tech saw the largest net selling in nine months as managers reduced exposure for a third straight week.And in a surprise reversal to months of bullishness on IT, GS Prime points out that hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.Some more details from the Goldman reports:Info Tech, the worst performing sector this week,was also by far the most net sold sector on the GS Prime book driven by short sales outpacing long buys 7 to 1.Info Tech stocks were net sold for a third straight week and saw the largest week/week $ net selling since last August (-1.6 SDs). Net trading flow diverged on a subsector level – Semis & Semi Equip, Software, and Electronic Equip were the most net sold, while Comm Equip and IT Services were the most net bought.Hedge funds are currently U/W Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.From an industry group standpoint, hedge funds are still O/W Software & Svcs by +4.7% (28th percentile) and U/W Semis & Semi Equip and Tech Hardware by -1.6% (13th percentile) and -4.3% (18th percentile), respectivelyAnd while hedge funds shorted tech, the Goldman US Consumer Discretionary sector saw the largest net buying in three months driven by E-Commerce stocks. As a result, the GS Prime book is now O/W US Consumer Discretionary by +3.3% vs. the S&P 500,which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.In $ terms, Consumer Discretionary was the most net bought US sector on the GS Prime book this week, driven by risk-on flows with long buys outpacing short sales 4 to 1.The sector’s aggregate long/short ratio (MV) on the GS Prime book ended the week at 2.53, which is in the 2nd percentile vs. the past year and in the 77th percentile vs. the past five years. The GS Prime book is now O/W US Consumer Discretionary stocks by +3.3% vs. the S&P 500, which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.","news_type":1,"symbols_score_info":{".IXIC":0.9,"NDX":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4298173,"gmtCreate":1620782057411,"gmtModify":1635497523221,"authorId":3558619043136260,"author":{"id":3558619043136260,"idStr":"3558619043136260","authorId":3558619043136260,"name":"5ae880d4","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","vip":1,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":193847730,"type":1,"supId":0,"prevId":0,"content":"Ok","text":"Ok","html":"Ok"}],"langContent":"EN"},{"id":193829900,"gmtCreate":1620780278800,"gmtModify":1634196391351,"author":{"id":"3573966231987456","authorId":"3573966231987456","name":"TerenceD","avatar":"https://static.tigerbbs.com/046d570a2a5c6793332b041c7628d5c3","vip":1,"crmLevel":11,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"3573966231987456","authorIdStr":"3573966231987456"},"htmlText":"That’s 👍🏻&nbsp;","listText":"That’s 👍🏻&nbsp;","text":"That’s 👍🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/193829900","repostId":1148549916,"repostType":4,"repost":{"id":"1148549916","kind":"news","pubTimestamp":1620718159,"share":"https://www.laohunote.com/m/news/1148549916?lang=zh_CN&edition=full","pubTime":"2021-05-11 15:29","market":"us","language":"en","title":"Hedge Fund Gross Leverage Hits All Time High As HFs Furiously Short Tech Stocks<blockquote>HFs 疯狂做空科技股，对冲基金总杠杆创历史新高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1148549916","media":"zerohedge","summary":"Hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World, the lowest level since last November and in the 3rd percentile vs. the past five years.","content":"Hedge funds had another rough week according to Goldman's Prime Brokerage, with the GS Equity Fundamental L/S&nbsp; Performance Estimate falling -1.68% between 4/30 and 5/6 (vs MSCI World TR -0.33%), driven by alpha of -1.11% – the worst weekly alpha in two months – and to a lesser extent beta of -0.57% (from market exposure and the market sensitivity factor combined). As a result, global fundamental equity L/S hedge funds lost almost two-thirds of their YTD gains in just the past week, bringing their total YTD return to just 0.97% in what is setting up as another dismal year for the 2 and 20 crowd.<blockquote>根据高盛的主要经纪公司的数据，对冲基金又经历了艰难的一周，GS Equity基本面L/S业绩预期在4月30日至5月6日之间下跌了-1.68%（相对于摩根士丹利资本国际世界TR-0.33%），这是由-1.11%的alpha（两个月来最差的每周alpha）和-0.57%的贝塔（来自市场敞口和市场敏感性因素的结合）推动的。结果，全球基本面股票L/S对冲基金在过去一周就损失了近三分之二的年初至今收益，使其年初至今总回报率仅为0.97%，这对2岁和20岁的人群来说又是一个惨淡的一年。</blockquote><img src=\"https://static.tigerbbs.com/4c1d262955a001211ed92ecfceca5b3d\" tg-width=\"501\" tg-height=\"472\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>What is remarkable is just how sensitive to overall market beta the hedge fund space has become, and there is a reason for that: according to Goldman Prime,overall book Gross leverage rose +1.7 pts to 247.1%, the highest on record,while Net leverage fell -0.9 pts to 88.2% (not quite an all time high, but still 87th percentile).<blockquote>值得注意的是，对冲基金领域对整体市场贝塔值变得如此敏感，这是有原因的：根据高盛Prime的数据，整体账面总杠杆率上升 +1.7 个百分点至 247.1%，创历史新高，而净杠杆率下降-0.9个百分点至88.2%（虽然不是历史最高水平，但仍处于第87个百分位）。</blockquote><img src=\"https://static.tigerbbs.com/8e8665b4387577b4f2b41e5791e348b3\" tg-width=\"1087\" tg-height=\"487\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>Looking at the composition of hedge fund purchases,the overall GS Prime book was modestly net bought again in the past week(+0.15 SDs), driven by risk-on flows as long buys outpaced short sales. Specifically, single Names were net bought while Macro Products (Index and ETF combined) were net sold. North America and to a lesser extent Europe were net bought driven by long buys, while DM Asia and EM Asia were net sold driven by short sales. 8 of 11 global sectors were net bought led in $ terms by Consumer Disc, Health Care, Staples and Real Estate, while Info Tech, Materials, and Financials were net sold.<blockquote>从对冲基金购买的构成来看，过去一周，GS Prime book 的整体净购买量再次温和（+0.15 SDs），由风险流动驱动，因为多头买入超过了卖空。具体来说，单个名称被净买入，而宏观产品（指数和 ETF 合并）被净卖出。北美以及在较小程度上欧洲是由多头买入驱动的净买入，而DM Asia和EM Asia是由卖空驱动的净卖出。11个全球板块中有8个被净买入，以美元计算，其中消费光盘、医疗保健、必需品和房地产为首，而信息技术、材料和金融则被净卖出。</blockquote>Meanwhile, continuing the trend first observed last weekwhen we noted that hedge funds shorted tech sharesfor 9 of the previous 10 days, Goldman notes thatInfo Tech saw the largest net selling in nine months as managers reduced exposure for a third straight week.And in a surprise reversal to months of bullishness on IT, GS Prime points out that hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.<blockquote>与此同时，高盛继续上周首次观察到的趋势，当时我们注意到对冲基金在过去 10 天中有 9 天做空了科技股，高盛指出：由于经理们连续第三周减少敞口，信息技术行业出现了九个月来最大的净销售额。GS Prime 指出，对冲基金目前对跑输大盘信息科技股的看涨情绪出人意料地逆转，相对于 MSCI World，对冲基金的看涨情绪目前下跌了 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</blockquote>Some more details from the Goldman reports:<blockquote>高盛报告中的更多细节：</blockquote><ul><li>Info Tech, the worst performing sector this week,was also by far the most net sold sector on the GS Prime book driven by short sales outpacing long buys 7 to 1.</li><li>Info Tech stocks were net sold for a third straight week and saw the largest week/week $ net selling since last August (-1.6 SDs). Net trading flow diverged on a subsector level – Semis &amp; Semi Equip, Software, and Electronic Equip were the most net sold, while Comm Equip and IT Services were the most net bought.</li><li>Hedge funds are currently U/W Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.</li><li>From an industry group standpoint, hedge funds are still O/W Software &amp; Svcs by +4.7% (28th percentile) and U/W Semis &amp; Semi Equip and Tech Hardware by -1.6% (13th percentile) and -4.3% (18th percentile), respectively</li></ul><img src=\"https://static.tigerbbs.com/9fd6a23b77549f58ef41bd23b5de74c0\" tg-width=\"656\" tg-height=\"385\" referrerpolicy=\"no-referrer\">And while hedge funds shorted tech, the Goldman US Consumer Discretionary sector saw the largest net buying in three months driven by E-Commerce stocks. As a result, the GS Prime book is now O/W US Consumer Discretionary by +3.3% vs. the S&amp;P 500,which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.<blockquote><ul><li>信息技术是本周表现最差的板块，也是迄今为止 GS Prime book 净卖出最多的板块，其驱动力是卖空量以 7 比 1 超过多头买入。</li><li>信息科技股连续第三周净卖出，并出现自去年 8 月以来最大的周/周净卖出 (-1.6 SDs)。子行业层面的净交易流量有所不同——半成品和半设备、软件和电子设备是净卖出最多的，而通信设备和 IT 服务是净买入最多的。</li><li>与 MSCI World 相比，对冲基金目前持有信息科技股 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</li><li>从行业集团的角度来看，对冲基金仍然是O/W软件和SVC，增长了+4.7%（第28个百分位），U/W半设备和技术硬件分别增长了-1.6%（第13个百分位）和-4.3%（第18个百分位）</li></ul>尽管对冲基金做空科技股，但在电子商务股票的推动下，高盛美国非必需消费品行业出现了三个月来最大的净买入。因此，与标普500相比，GS Prime book 目前比美国非必需消费品上涨 +3.3%，与过去一年相比处于第 9 个百分位，与过去五年相比处于第 50 个百分位.</blockquote><ul><li>In $ terms, Consumer Discretionary was the most net bought US sector on the GS Prime book this week, driven by risk-on flows with long buys outpacing short sales 4 to 1.</li><li>The sector’s aggregate long/short ratio (MV) on the GS Prime book ended the week at 2.53, which is in the 2nd percentile vs. the past year and in the 77th percentile vs. the past five years. The GS Prime book is now O/W US Consumer Discretionary stocks by +3.3% vs. the S&amp;P 500, which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.</li></ul><img src=\"https://static.tigerbbs.com/f91bb2509f471f3239a9d3978a8a1581\" tg-width=\"656\" tg-height=\"383\" referrerpolicy=\"no-referrer\"><blockquote><ul><li>以美元计算，非必需消费品是本周 GS Prime book 上净买入最多的美国板块，受风险偏好资金的推动，多头买入数量超过卖空数量的 4 比 1。</li><li>GS Prime book 上该行业的总多空比率 (MV) 本周结束时为 2.53，与去年相比处于第 2 个百分位，与过去五年相比处于第 77 个百分位。与标普500相比，GS Prime book现在O/W美国非必需消费品库存+3.3%，与去年相比处于第9个百分位，与过去五年相比处于第50个百分位。</li></ul></blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hedge Fund Gross Leverage Hits All Time High As HFs Furiously Short Tech Stocks<blockquote>HFs 疯狂做空科技股，对冲基金总杠杆创历史新高</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHedge Fund Gross Leverage Hits All Time High As HFs Furiously Short Tech Stocks<blockquote>HFs 疯狂做空科技股，对冲基金总杠杆创历史新高</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nzerohedge2021-05-11 15:29\n\n</h4>\n</header>\n<article>\nHedge funds had another rough week according to Goldman's Prime Brokerage, with the GS Equity Fundamental L/S&nbsp; Performance Estimate falling -1.68% between 4/30 and 5/6 (vs MSCI World TR -0.33%), driven by alpha of -1.11% – the worst weekly alpha in two months – and to a lesser extent beta of -0.57% (from market exposure and the market sensitivity factor combined). As a result, global fundamental equity L/S hedge funds lost almost two-thirds of their YTD gains in just the past week, bringing their total YTD return to just 0.97% in what is setting up as another dismal year for the 2 and 20 crowd.<blockquote>根据高盛的主要经纪公司的数据，对冲基金又经历了艰难的一周，GS Equity基本面L/S业绩预期在4月30日至5月6日之间下跌了-1.68%（相对于摩根士丹利资本国际世界TR-0.33%），这是由-1.11%的alpha（两个月来最差的每周alpha）和-0.57%的贝塔（来自市场敞口和市场敏感性因素的结合）推动的。结果，全球基本面股票L/S对冲基金在过去一周就损失了近三分之二的年初至今收益，使其年初至今总回报率仅为0.97%，这对2岁和20岁的人群来说又是一个惨淡的一年。</blockquote><img src=\"https://static.tigerbbs.com/4c1d262955a001211ed92ecfceca5b3d\" tg-width=\"501\" tg-height=\"472\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>What is remarkable is just how sensitive to overall market beta the hedge fund space has become, and there is a reason for that: according to Goldman Prime,overall book Gross leverage rose +1.7 pts to 247.1%, the highest on record,while Net leverage fell -0.9 pts to 88.2% (not quite an all time high, but still 87th percentile).<blockquote>值得注意的是，对冲基金领域对整体市场贝塔值变得如此敏感，这是有原因的：根据高盛Prime的数据，整体账面总杠杆率上升 +1.7 个百分点至 247.1%，创历史新高，而净杠杆率下降-0.9个百分点至88.2%（虽然不是历史最高水平，但仍处于第87个百分位）。</blockquote><img src=\"https://static.tigerbbs.com/8e8665b4387577b4f2b41e5791e348b3\" tg-width=\"1087\" tg-height=\"487\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>Looking at the composition of hedge fund purchases,the overall GS Prime book was modestly net bought again in the past week(+0.15 SDs), driven by risk-on flows as long buys outpaced short sales. Specifically, single Names were net bought while Macro Products (Index and ETF combined) were net sold. North America and to a lesser extent Europe were net bought driven by long buys, while DM Asia and EM Asia were net sold driven by short sales. 8 of 11 global sectors were net bought led in $ terms by Consumer Disc, Health Care, Staples and Real Estate, while Info Tech, Materials, and Financials were net sold.<blockquote>从对冲基金购买的构成来看，过去一周，GS Prime book 的整体净购买量再次温和（+0.15 SDs），由风险流动驱动，因为多头买入超过了卖空。具体来说，单个名称被净买入，而宏观产品（指数和 ETF 合并）被净卖出。北美以及在较小程度上欧洲是由多头买入驱动的净买入，而DM Asia和EM Asia是由卖空驱动的净卖出。11个全球板块中有8个被净买入，以美元计算，其中消费光盘、医疗保健、必需品和房地产为首，而信息技术、材料和金融则被净卖出。</blockquote>Meanwhile, continuing the trend first observed last weekwhen we noted that hedge funds shorted tech sharesfor 9 of the previous 10 days, Goldman notes thatInfo Tech saw the largest net selling in nine months as managers reduced exposure for a third straight week.And in a surprise reversal to months of bullishness on IT, GS Prime points out that hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.<blockquote>与此同时，高盛继续上周首次观察到的趋势，当时我们注意到对冲基金在过去 10 天中有 9 天做空了科技股，高盛指出：由于经理们连续第三周减少敞口，信息技术行业出现了九个月来最大的净销售额。GS Prime 指出，对冲基金目前对跑输大盘信息科技股的看涨情绪出人意料地逆转，相对于 MSCI World，对冲基金的看涨情绪目前下跌了 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</blockquote>Some more details from the Goldman reports:<blockquote>高盛报告中的更多细节：</blockquote><ul><li>Info Tech, the worst performing sector this week,was also by far the most net sold sector on the GS Prime book driven by short sales outpacing long buys 7 to 1.</li><li>Info Tech stocks were net sold for a third straight week and saw the largest week/week $ net selling since last August (-1.6 SDs). Net trading flow diverged on a subsector level – Semis &amp; Semi Equip, Software, and Electronic Equip were the most net sold, while Comm Equip and IT Services were the most net bought.</li><li>Hedge funds are currently U/W Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.</li><li>From an industry group standpoint, hedge funds are still O/W Software &amp; Svcs by +4.7% (28th percentile) and U/W Semis &amp; Semi Equip and Tech Hardware by -1.6% (13th percentile) and -4.3% (18th percentile), respectively</li></ul><img src=\"https://static.tigerbbs.com/9fd6a23b77549f58ef41bd23b5de74c0\" tg-width=\"656\" tg-height=\"385\" referrerpolicy=\"no-referrer\">And while hedge funds shorted tech, the Goldman US Consumer Discretionary sector saw the largest net buying in three months driven by E-Commerce stocks. As a result, the GS Prime book is now O/W US Consumer Discretionary by +3.3% vs. the S&amp;P 500,which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.<blockquote><ul><li>信息技术是本周表现最差的板块，也是迄今为止 GS Prime book 净卖出最多的板块，其驱动力是卖空量以 7 比 1 超过多头买入。</li><li>信息科技股连续第三周净卖出，并出现自去年 8 月以来最大的周/周净卖出 (-1.6 SDs)。子行业层面的净交易流量有所不同——半成品和半设备、软件和电子设备是净卖出最多的，而通信设备和 IT 服务是净买入最多的。</li><li>与 MSCI World 相比，对冲基金目前持有信息科技股 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</li><li>从行业集团的角度来看，对冲基金仍然是O/W软件和SVC，增长了+4.7%（第28个百分位），U/W半设备和技术硬件分别增长了-1.6%（第13个百分位）和-4.3%（第18个百分位）</li></ul>尽管对冲基金做空科技股，但在电子商务股票的推动下，高盛美国非必需消费品行业出现了三个月来最大的净买入。因此，与标普500相比，GS Prime book 目前比美国非必需消费品上涨 +3.3%，与过去一年相比处于第 9 个百分位，与过去五年相比处于第 50 个百分位.</blockquote><ul><li>In $ terms, Consumer Discretionary was the most net bought US sector on the GS Prime book this week, driven by risk-on flows with long buys outpacing short sales 4 to 1.</li><li>The sector’s aggregate long/short ratio (MV) on the GS Prime book ended the week at 2.53, which is in the 2nd percentile vs. the past year and in the 77th percentile vs. the past five years. The GS Prime book is now O/W US Consumer Discretionary stocks by +3.3% vs. the S&amp;P 500, which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.</li></ul><img src=\"https://static.tigerbbs.com/f91bb2509f471f3239a9d3978a8a1581\" tg-width=\"656\" tg-height=\"383\" referrerpolicy=\"no-referrer\"><blockquote><ul><li>以美元计算，非必需消费品是本周 GS Prime book 上净买入最多的美国板块，受风险偏好资金的推动，多头买入数量超过卖空数量的 4 比 1。</li><li>GS Prime book 上该行业的总多空比率 (MV) 本周结束时为 2.53，与去年相比处于第 2 个百分位，与过去五年相比处于第 77 个百分位。与标普500相比，GS Prime book现在O/W美国非必需消费品库存+3.3%，与去年相比处于第9个百分位，与过去五年相比处于第50个百分位。</li></ul></blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.zerohedge.com/markets/hedge-fund-gross-leverage-hits-all-time-high-hfs-furiously-short-tech-stocks\">zerohedge</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","NDX":"纳斯达克100指数"},"source_url":"https://www.zerohedge.com/markets/hedge-fund-gross-leverage-hits-all-time-high-hfs-furiously-short-tech-stocks","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148549916","content_text":"Hedge funds had another rough week according to Goldman's Prime Brokerage, with the GS Equity Fundamental L/S  Performance Estimate falling -1.68% between 4/30 and 5/6 (vs MSCI World TR -0.33%), driven by alpha of -1.11% – the worst weekly alpha in two months – and to a lesser extent beta of -0.57% (from market exposure and the market sensitivity factor combined). As a result, global fundamental equity L/S hedge funds lost almost two-thirds of their YTD gains in just the past week, bringing their total YTD return to just 0.97% in what is setting up as another dismal year for the 2 and 20 crowd.What is remarkable is just how sensitive to overall market beta the hedge fund space has become, and there is a reason for that: according to Goldman Prime,overall book Gross leverage rose +1.7 pts to 247.1%, the highest on record,while Net leverage fell -0.9 pts to 88.2% (not quite an all time high, but still 87th percentile).Looking at the composition of hedge fund purchases,the overall GS Prime book was modestly net bought again in the past week(+0.15 SDs), driven by risk-on flows as long buys outpaced short sales. Specifically, single Names were net bought while Macro Products (Index and ETF combined) were net sold. North America and to a lesser extent Europe were net bought driven by long buys, while DM Asia and EM Asia were net sold driven by short sales. 8 of 11 global sectors were net bought led in $ terms by Consumer Disc, Health Care, Staples and Real Estate, while Info Tech, Materials, and Financials were net sold.Meanwhile, continuing the trend first observed last weekwhen we noted that hedge funds shorted tech sharesfor 9 of the previous 10 days, Goldman notes thatInfo Tech saw the largest net selling in nine months as managers reduced exposure for a third straight week.And in a surprise reversal to months of bullishness on IT, GS Prime points out that hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.Some more details from the Goldman reports:Info Tech, the worst performing sector this week,was also by far the most net sold sector on the GS Prime book driven by short sales outpacing long buys 7 to 1.Info Tech stocks were net sold for a third straight week and saw the largest week/week $ net selling since last August (-1.6 SDs). Net trading flow diverged on a subsector level – Semis & Semi Equip, Software, and Electronic Equip were the most net sold, while Comm Equip and IT Services were the most net bought.Hedge funds are currently U/W Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.From an industry group standpoint, hedge funds are still O/W Software & Svcs by +4.7% (28th percentile) and U/W Semis & Semi Equip and Tech Hardware by -1.6% (13th percentile) and -4.3% (18th percentile), respectivelyAnd while hedge funds shorted tech, the Goldman US Consumer Discretionary sector saw the largest net buying in three months driven by E-Commerce stocks. As a result, the GS Prime book is now O/W US Consumer Discretionary by +3.3% vs. the S&P 500,which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.In $ terms, Consumer Discretionary was the most net bought US sector on the GS Prime book this week, driven by risk-on flows with long buys outpacing short sales 4 to 1.The sector’s aggregate long/short ratio (MV) on the GS Prime book ended the week at 2.53, which is in the 2nd percentile vs. the past year and in the 77th percentile vs. the past five years. The GS Prime book is now O/W US Consumer Discretionary stocks by +3.3% vs. the S&P 500, which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.","news_type":1,"symbols_score_info":{".IXIC":0.9,"NDX":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":193830866,"gmtCreate":1620778779755,"gmtModify":1634196424780,"author":{"id":"3573197870935019","authorId":"3573197870935019","name":"Albaakbert","avatar":"https://static.tigerbbs.com/38fb1a202f211aaf65a6b491072b884f","vip":1,"crmLevel":11,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"3573197870935019","authorIdStr":"3573197870935019"},"htmlText":"Short short SML please wear shirts","listText":"Short short SML please wear shirts","text":"Short short SML please wear shirts","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/193830866","repostId":1148549916,"repostType":4,"repost":{"id":"1148549916","kind":"news","pubTimestamp":1620718159,"share":"https://www.laohunote.com/m/news/1148549916?lang=zh_CN&edition=full","pubTime":"2021-05-11 15:29","market":"us","language":"en","title":"Hedge Fund Gross Leverage Hits All Time High As HFs Furiously Short Tech Stocks<blockquote>HFs 疯狂做空科技股，对冲基金总杠杆创历史新高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1148549916","media":"zerohedge","summary":"Hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World, the lowest level since last November and in the 3rd percentile vs. the past five years.","content":"Hedge funds had another rough week according to Goldman's Prime Brokerage, with the GS Equity Fundamental L/S&nbsp; Performance Estimate falling -1.68% between 4/30 and 5/6 (vs MSCI World TR -0.33%), driven by alpha of -1.11% – the worst weekly alpha in two months – and to a lesser extent beta of -0.57% (from market exposure and the market sensitivity factor combined). As a result, global fundamental equity L/S hedge funds lost almost two-thirds of their YTD gains in just the past week, bringing their total YTD return to just 0.97% in what is setting up as another dismal year for the 2 and 20 crowd.<blockquote>根据高盛的主要经纪公司的数据，对冲基金又经历了艰难的一周，GS Equity基本面L/S业绩预期在4月30日至5月6日之间下跌了-1.68%（相对于摩根士丹利资本国际世界TR-0.33%），这是由-1.11%的alpha（两个月来最差的每周alpha）和-0.57%的贝塔（来自市场敞口和市场敏感性因素的结合）推动的。结果，全球基本面股票L/S对冲基金在过去一周就损失了近三分之二的年初至今收益，使其年初至今总回报率仅为0.97%，这对2岁和20岁的人群来说又是一个惨淡的一年。</blockquote><img src=\"https://static.tigerbbs.com/4c1d262955a001211ed92ecfceca5b3d\" tg-width=\"501\" tg-height=\"472\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>What is remarkable is just how sensitive to overall market beta the hedge fund space has become, and there is a reason for that: according to Goldman Prime,overall book Gross leverage rose +1.7 pts to 247.1%, the highest on record,while Net leverage fell -0.9 pts to 88.2% (not quite an all time high, but still 87th percentile).<blockquote>值得注意的是，对冲基金领域对整体市场贝塔值变得如此敏感，这是有原因的：根据高盛Prime的数据，整体账面总杠杆率上升 +1.7 个百分点至 247.1%，创历史新高，而净杠杆率下降-0.9个百分点至88.2%（虽然不是历史最高水平，但仍处于第87个百分位）。</blockquote><img src=\"https://static.tigerbbs.com/8e8665b4387577b4f2b41e5791e348b3\" tg-width=\"1087\" tg-height=\"487\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>Looking at the composition of hedge fund purchases,the overall GS Prime book was modestly net bought again in the past week(+0.15 SDs), driven by risk-on flows as long buys outpaced short sales. Specifically, single Names were net bought while Macro Products (Index and ETF combined) were net sold. North America and to a lesser extent Europe were net bought driven by long buys, while DM Asia and EM Asia were net sold driven by short sales. 8 of 11 global sectors were net bought led in $ terms by Consumer Disc, Health Care, Staples and Real Estate, while Info Tech, Materials, and Financials were net sold.<blockquote>从对冲基金购买的构成来看，过去一周，GS Prime book 的整体净购买量再次温和（+0.15 SDs），由风险流动驱动，因为多头买入超过了卖空。具体来说，单个名称被净买入，而宏观产品（指数和 ETF 合并）被净卖出。北美以及在较小程度上欧洲是由多头买入驱动的净买入，而DM Asia和EM Asia是由卖空驱动的净卖出。11个全球板块中有8个被净买入，以美元计算，其中消费光盘、医疗保健、必需品和房地产为首，而信息技术、材料和金融则被净卖出。</blockquote>Meanwhile, continuing the trend first observed last weekwhen we noted that hedge funds shorted tech sharesfor 9 of the previous 10 days, Goldman notes thatInfo Tech saw the largest net selling in nine months as managers reduced exposure for a third straight week.And in a surprise reversal to months of bullishness on IT, GS Prime points out that hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.<blockquote>与此同时，高盛继续上周首次观察到的趋势，当时我们注意到对冲基金在过去 10 天中有 9 天做空了科技股，高盛指出：由于经理们连续第三周减少敞口，信息技术行业出现了九个月来最大的净销售额。GS Prime 指出，对冲基金目前对跑输大盘信息科技股的看涨情绪出人意料地逆转，相对于 MSCI World，对冲基金的看涨情绪目前下跌了 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</blockquote>Some more details from the Goldman reports:<blockquote>高盛报告中的更多细节：</blockquote><ul><li>Info Tech, the worst performing sector this week,was also by far the most net sold sector on the GS Prime book driven by short sales outpacing long buys 7 to 1.</li><li>Info Tech stocks were net sold for a third straight week and saw the largest week/week $ net selling since last August (-1.6 SDs). Net trading flow diverged on a subsector level – Semis &amp; Semi Equip, Software, and Electronic Equip were the most net sold, while Comm Equip and IT Services were the most net bought.</li><li>Hedge funds are currently U/W Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.</li><li>From an industry group standpoint, hedge funds are still O/W Software &amp; Svcs by +4.7% (28th percentile) and U/W Semis &amp; Semi Equip and Tech Hardware by -1.6% (13th percentile) and -4.3% (18th percentile), respectively</li></ul><img src=\"https://static.tigerbbs.com/9fd6a23b77549f58ef41bd23b5de74c0\" tg-width=\"656\" tg-height=\"385\" referrerpolicy=\"no-referrer\">And while hedge funds shorted tech, the Goldman US Consumer Discretionary sector saw the largest net buying in three months driven by E-Commerce stocks. As a result, the GS Prime book is now O/W US Consumer Discretionary by +3.3% vs. the S&amp;P 500,which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.<blockquote><ul><li>信息技术是本周表现最差的板块，也是迄今为止 GS Prime book 净卖出最多的板块，其驱动力是卖空量以 7 比 1 超过多头买入。</li><li>信息科技股连续第三周净卖出，并出现自去年 8 月以来最大的周/周净卖出 (-1.6 SDs)。子行业层面的净交易流量有所不同——半成品和半设备、软件和电子设备是净卖出最多的，而通信设备和 IT 服务是净买入最多的。</li><li>与 MSCI World 相比，对冲基金目前持有信息科技股 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</li><li>从行业集团的角度来看，对冲基金仍然是O/W软件和SVC，增长了+4.7%（第28个百分位），U/W半设备和技术硬件分别增长了-1.6%（第13个百分位）和-4.3%（第18个百分位）</li></ul>尽管对冲基金做空科技股，但在电子商务股票的推动下，高盛美国非必需消费品行业出现了三个月来最大的净买入。因此，与标普500相比，GS Prime book 目前比美国非必需消费品上涨 +3.3%，与过去一年相比处于第 9 个百分位，与过去五年相比处于第 50 个百分位.</blockquote><ul><li>In $ terms, Consumer Discretionary was the most net bought US sector on the GS Prime book this week, driven by risk-on flows with long buys outpacing short sales 4 to 1.</li><li>The sector’s aggregate long/short ratio (MV) on the GS Prime book ended the week at 2.53, which is in the 2nd percentile vs. the past year and in the 77th percentile vs. the past five years. The GS Prime book is now O/W US Consumer Discretionary stocks by +3.3% vs. the S&amp;P 500, which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.</li></ul><img src=\"https://static.tigerbbs.com/f91bb2509f471f3239a9d3978a8a1581\" tg-width=\"656\" tg-height=\"383\" referrerpolicy=\"no-referrer\"><blockquote><ul><li>以美元计算，非必需消费品是本周 GS Prime book 上净买入最多的美国板块，受风险偏好资金的推动，多头买入数量超过卖空数量的 4 比 1。</li><li>GS Prime book 上该行业的总多空比率 (MV) 本周结束时为 2.53，与去年相比处于第 2 个百分位，与过去五年相比处于第 77 个百分位。与标普500相比，GS Prime book现在O/W美国非必需消费品库存+3.3%，与去年相比处于第9个百分位，与过去五年相比处于第50个百分位。</li></ul></blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hedge Fund Gross Leverage Hits All Time High As HFs Furiously Short Tech Stocks<blockquote>HFs 疯狂做空科技股，对冲基金总杠杆创历史新高</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHedge Fund Gross Leverage Hits All Time High As HFs Furiously Short Tech Stocks<blockquote>HFs 疯狂做空科技股，对冲基金总杠杆创历史新高</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nzerohedge2021-05-11 15:29\n\n</h4>\n</header>\n<article>\nHedge funds had another rough week according to Goldman's Prime Brokerage, with the GS Equity Fundamental L/S&nbsp; Performance Estimate falling -1.68% between 4/30 and 5/6 (vs MSCI World TR -0.33%), driven by alpha of -1.11% – the worst weekly alpha in two months – and to a lesser extent beta of -0.57% (from market exposure and the market sensitivity factor combined). As a result, global fundamental equity L/S hedge funds lost almost two-thirds of their YTD gains in just the past week, bringing their total YTD return to just 0.97% in what is setting up as another dismal year for the 2 and 20 crowd.<blockquote>根据高盛的主要经纪公司的数据，对冲基金又经历了艰难的一周，GS Equity基本面L/S业绩预期在4月30日至5月6日之间下跌了-1.68%（相对于摩根士丹利资本国际世界TR-0.33%），这是由-1.11%的alpha（两个月来最差的每周alpha）和-0.57%的贝塔（来自市场敞口和市场敏感性因素的结合）推动的。结果，全球基本面股票L/S对冲基金在过去一周就损失了近三分之二的年初至今收益，使其年初至今总回报率仅为0.97%，这对2岁和20岁的人群来说又是一个惨淡的一年。</blockquote><img src=\"https://static.tigerbbs.com/4c1d262955a001211ed92ecfceca5b3d\" tg-width=\"501\" tg-height=\"472\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>What is remarkable is just how sensitive to overall market beta the hedge fund space has become, and there is a reason for that: according to Goldman Prime,overall book Gross leverage rose +1.7 pts to 247.1%, the highest on record,while Net leverage fell -0.9 pts to 88.2% (not quite an all time high, but still 87th percentile).<blockquote>值得注意的是，对冲基金领域对整体市场贝塔值变得如此敏感，这是有原因的：根据高盛Prime的数据，整体账面总杠杆率上升 +1.7 个百分点至 247.1%，创历史新高，而净杠杆率下降-0.9个百分点至88.2%（虽然不是历史最高水平，但仍处于第87个百分位）。</blockquote><img src=\"https://static.tigerbbs.com/8e8665b4387577b4f2b41e5791e348b3\" tg-width=\"1087\" tg-height=\"487\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>Looking at the composition of hedge fund purchases,the overall GS Prime book was modestly net bought again in the past week(+0.15 SDs), driven by risk-on flows as long buys outpaced short sales. Specifically, single Names were net bought while Macro Products (Index and ETF combined) were net sold. North America and to a lesser extent Europe were net bought driven by long buys, while DM Asia and EM Asia were net sold driven by short sales. 8 of 11 global sectors were net bought led in $ terms by Consumer Disc, Health Care, Staples and Real Estate, while Info Tech, Materials, and Financials were net sold.<blockquote>从对冲基金购买的构成来看，过去一周，GS Prime book 的整体净购买量再次温和（+0.15 SDs），由风险流动驱动，因为多头买入超过了卖空。具体来说，单个名称被净买入，而宏观产品（指数和 ETF 合并）被净卖出。北美以及在较小程度上欧洲是由多头买入驱动的净买入，而DM Asia和EM Asia是由卖空驱动的净卖出。11个全球板块中有8个被净买入，以美元计算，其中消费光盘、医疗保健、必需品和房地产为首，而信息技术、材料和金融则被净卖出。</blockquote>Meanwhile, continuing the trend first observed last weekwhen we noted that hedge funds shorted tech sharesfor 9 of the previous 10 days, Goldman notes thatInfo Tech saw the largest net selling in nine months as managers reduced exposure for a third straight week.And in a surprise reversal to months of bullishness on IT, GS Prime points out that hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.<blockquote>与此同时，高盛继续上周首次观察到的趋势，当时我们注意到对冲基金在过去 10 天中有 9 天做空了科技股，高盛指出：由于经理们连续第三周减少敞口，信息技术行业出现了九个月来最大的净销售额。GS Prime 指出，对冲基金目前对跑输大盘信息科技股的看涨情绪出人意料地逆转，相对于 MSCI World，对冲基金的看涨情绪目前下跌了 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</blockquote>Some more details from the Goldman reports:<blockquote>高盛报告中的更多细节：</blockquote><ul><li>Info Tech, the worst performing sector this week,was also by far the most net sold sector on the GS Prime book driven by short sales outpacing long buys 7 to 1.</li><li>Info Tech stocks were net sold for a third straight week and saw the largest week/week $ net selling since last August (-1.6 SDs). Net trading flow diverged on a subsector level – Semis &amp; Semi Equip, Software, and Electronic Equip were the most net sold, while Comm Equip and IT Services were the most net bought.</li><li>Hedge funds are currently U/W Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.</li><li>From an industry group standpoint, hedge funds are still O/W Software &amp; Svcs by +4.7% (28th percentile) and U/W Semis &amp; Semi Equip and Tech Hardware by -1.6% (13th percentile) and -4.3% (18th percentile), respectively</li></ul><img src=\"https://static.tigerbbs.com/9fd6a23b77549f58ef41bd23b5de74c0\" tg-width=\"656\" tg-height=\"385\" referrerpolicy=\"no-referrer\">And while hedge funds shorted tech, the Goldman US Consumer Discretionary sector saw the largest net buying in three months driven by E-Commerce stocks. As a result, the GS Prime book is now O/W US Consumer Discretionary by +3.3% vs. the S&amp;P 500,which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.<blockquote><ul><li>信息技术是本周表现最差的板块，也是迄今为止 GS Prime book 净卖出最多的板块，其驱动力是卖空量以 7 比 1 超过多头买入。</li><li>信息科技股连续第三周净卖出，并出现自去年 8 月以来最大的周/周净卖出 (-1.6 SDs)。子行业层面的净交易流量有所不同——半成品和半设备、软件和电子设备是净卖出最多的，而通信设备和 IT 服务是净买入最多的。</li><li>与 MSCI World 相比，对冲基金目前持有信息科技股 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</li><li>从行业集团的角度来看，对冲基金仍然是O/W软件和SVC，增长了+4.7%（第28个百分位），U/W半设备和技术硬件分别增长了-1.6%（第13个百分位）和-4.3%（第18个百分位）</li></ul>尽管对冲基金做空科技股，但在电子商务股票的推动下，高盛美国非必需消费品行业出现了三个月来最大的净买入。因此，与标普500相比，GS Prime book 目前比美国非必需消费品上涨 +3.3%，与过去一年相比处于第 9 个百分位，与过去五年相比处于第 50 个百分位.</blockquote><ul><li>In $ terms, Consumer Discretionary was the most net bought US sector on the GS Prime book this week, driven by risk-on flows with long buys outpacing short sales 4 to 1.</li><li>The sector’s aggregate long/short ratio (MV) on the GS Prime book ended the week at 2.53, which is in the 2nd percentile vs. the past year and in the 77th percentile vs. the past five years. The GS Prime book is now O/W US Consumer Discretionary stocks by +3.3% vs. the S&amp;P 500, which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.</li></ul><img src=\"https://static.tigerbbs.com/f91bb2509f471f3239a9d3978a8a1581\" tg-width=\"656\" tg-height=\"383\" referrerpolicy=\"no-referrer\"><blockquote><ul><li>以美元计算，非必需消费品是本周 GS Prime book 上净买入最多的美国板块，受风险偏好资金的推动，多头买入数量超过卖空数量的 4 比 1。</li><li>GS Prime book 上该行业的总多空比率 (MV) 本周结束时为 2.53，与去年相比处于第 2 个百分位，与过去五年相比处于第 77 个百分位。与标普500相比，GS Prime book现在O/W美国非必需消费品库存+3.3%，与去年相比处于第9个百分位，与过去五年相比处于第50个百分位。</li></ul></blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.zerohedge.com/markets/hedge-fund-gross-leverage-hits-all-time-high-hfs-furiously-short-tech-stocks\">zerohedge</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","NDX":"纳斯达克100指数"},"source_url":"https://www.zerohedge.com/markets/hedge-fund-gross-leverage-hits-all-time-high-hfs-furiously-short-tech-stocks","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148549916","content_text":"Hedge funds had another rough week according to Goldman's Prime Brokerage, with the GS Equity Fundamental L/S  Performance Estimate falling -1.68% between 4/30 and 5/6 (vs MSCI World TR -0.33%), driven by alpha of -1.11% – the worst weekly alpha in two months – and to a lesser extent beta of -0.57% (from market exposure and the market sensitivity factor combined). As a result, global fundamental equity L/S hedge funds lost almost two-thirds of their YTD gains in just the past week, bringing their total YTD return to just 0.97% in what is setting up as another dismal year for the 2 and 20 crowd.What is remarkable is just how sensitive to overall market beta the hedge fund space has become, and there is a reason for that: according to Goldman Prime,overall book Gross leverage rose +1.7 pts to 247.1%, the highest on record,while Net leverage fell -0.9 pts to 88.2% (not quite an all time high, but still 87th percentile).Looking at the composition of hedge fund purchases,the overall GS Prime book was modestly net bought again in the past week(+0.15 SDs), driven by risk-on flows as long buys outpaced short sales. Specifically, single Names were net bought while Macro Products (Index and ETF combined) were net sold. North America and to a lesser extent Europe were net bought driven by long buys, while DM Asia and EM Asia were net sold driven by short sales. 8 of 11 global sectors were net bought led in $ terms by Consumer Disc, Health Care, Staples and Real Estate, while Info Tech, Materials, and Financials were net sold.Meanwhile, continuing the trend first observed last weekwhen we noted that hedge funds shorted tech sharesfor 9 of the previous 10 days, Goldman notes thatInfo Tech saw the largest net selling in nine months as managers reduced exposure for a third straight week.And in a surprise reversal to months of bullishness on IT, GS Prime points out that hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.Some more details from the Goldman reports:Info Tech, the worst performing sector this week,was also by far the most net sold sector on the GS Prime book driven by short sales outpacing long buys 7 to 1.Info Tech stocks were net sold for a third straight week and saw the largest week/week $ net selling since last August (-1.6 SDs). Net trading flow diverged on a subsector level – Semis & Semi Equip, Software, and Electronic Equip were the most net sold, while Comm Equip and IT Services were the most net bought.Hedge funds are currently U/W Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.From an industry group standpoint, hedge funds are still O/W Software & Svcs by +4.7% (28th percentile) and U/W Semis & Semi Equip and Tech Hardware by -1.6% (13th percentile) and -4.3% (18th percentile), respectivelyAnd while hedge funds shorted tech, the Goldman US Consumer Discretionary sector saw the largest net buying in three months driven by E-Commerce stocks. As a result, the GS Prime book is now O/W US Consumer Discretionary by +3.3% vs. the S&P 500,which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.In $ terms, Consumer Discretionary was the most net bought US sector on the GS Prime book this week, driven by risk-on flows with long buys outpacing short sales 4 to 1.The sector’s aggregate long/short ratio (MV) on the GS Prime book ended the week at 2.53, which is in the 2nd percentile vs. the past year and in the 77th percentile vs. the past five years. The GS Prime book is now O/W US Consumer Discretionary stocks by +3.3% vs. the S&P 500, which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.","news_type":1,"symbols_score_info":{".IXIC":0.9,"NDX":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":193152698,"gmtCreate":1620776919114,"gmtModify":1634196460665,"author":{"id":"3570062979833136","authorId":"3570062979833136","name":"District19","avatar":"https://static.tigerbbs.com/156ffbb659c0effab24d14243664a315","vip":1,"crmLevel":12,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"3570062979833136","authorIdStr":"3570062979833136"},"htmlText":"Comment&nbsp;","listText":"Comment&nbsp;","text":"Comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/193152698","repostId":1148549916,"repostType":4,"repost":{"id":"1148549916","kind":"news","pubTimestamp":1620718159,"share":"https://www.laohunote.com/m/news/1148549916?lang=zh_CN&edition=full","pubTime":"2021-05-11 15:29","market":"us","language":"en","title":"Hedge Fund Gross Leverage Hits All Time High As HFs Furiously Short Tech Stocks<blockquote>HFs 疯狂做空科技股，对冲基金总杠杆创历史新高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1148549916","media":"zerohedge","summary":"Hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World, the lowest level since last November and in the 3rd percentile vs. the past five years.","content":"Hedge funds had another rough week according to Goldman's Prime Brokerage, with the GS Equity Fundamental L/S&nbsp; Performance Estimate falling -1.68% between 4/30 and 5/6 (vs MSCI World TR -0.33%), driven by alpha of -1.11% – the worst weekly alpha in two months – and to a lesser extent beta of -0.57% (from market exposure and the market sensitivity factor combined). As a result, global fundamental equity L/S hedge funds lost almost two-thirds of their YTD gains in just the past week, bringing their total YTD return to just 0.97% in what is setting up as another dismal year for the 2 and 20 crowd.<blockquote>根据高盛的主要经纪公司的数据，对冲基金又经历了艰难的一周，GS Equity基本面L/S业绩预期在4月30日至5月6日之间下跌了-1.68%（相对于摩根士丹利资本国际世界TR-0.33%），这是由-1.11%的alpha（两个月来最差的每周alpha）和-0.57%的贝塔（来自市场敞口和市场敏感性因素的结合）推动的。结果，全球基本面股票L/S对冲基金在过去一周就损失了近三分之二的年初至今收益，使其年初至今总回报率仅为0.97%，这对2岁和20岁的人群来说又是一个惨淡的一年。</blockquote><img src=\"https://static.tigerbbs.com/4c1d262955a001211ed92ecfceca5b3d\" tg-width=\"501\" tg-height=\"472\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>What is remarkable is just how sensitive to overall market beta the hedge fund space has become, and there is a reason for that: according to Goldman Prime,overall book Gross leverage rose +1.7 pts to 247.1%, the highest on record,while Net leverage fell -0.9 pts to 88.2% (not quite an all time high, but still 87th percentile).<blockquote>值得注意的是，对冲基金领域对整体市场贝塔值变得如此敏感，这是有原因的：根据高盛Prime的数据，整体账面总杠杆率上升 +1.7 个百分点至 247.1%，创历史新高，而净杠杆率下降-0.9个百分点至88.2%（虽然不是历史最高水平，但仍处于第87个百分位）。</blockquote><img src=\"https://static.tigerbbs.com/8e8665b4387577b4f2b41e5791e348b3\" tg-width=\"1087\" tg-height=\"487\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>Looking at the composition of hedge fund purchases,the overall GS Prime book was modestly net bought again in the past week(+0.15 SDs), driven by risk-on flows as long buys outpaced short sales. Specifically, single Names were net bought while Macro Products (Index and ETF combined) were net sold. North America and to a lesser extent Europe were net bought driven by long buys, while DM Asia and EM Asia were net sold driven by short sales. 8 of 11 global sectors were net bought led in $ terms by Consumer Disc, Health Care, Staples and Real Estate, while Info Tech, Materials, and Financials were net sold.<blockquote>从对冲基金购买的构成来看，过去一周，GS Prime book 的整体净购买量再次温和（+0.15 SDs），由风险流动驱动，因为多头买入超过了卖空。具体来说，单个名称被净买入，而宏观产品（指数和 ETF 合并）被净卖出。北美以及在较小程度上欧洲是由多头买入驱动的净买入，而DM Asia和EM Asia是由卖空驱动的净卖出。11个全球板块中有8个被净买入，以美元计算，其中消费光盘、医疗保健、必需品和房地产为首，而信息技术、材料和金融则被净卖出。</blockquote>Meanwhile, continuing the trend first observed last weekwhen we noted that hedge funds shorted tech sharesfor 9 of the previous 10 days, Goldman notes thatInfo Tech saw the largest net selling in nine months as managers reduced exposure for a third straight week.And in a surprise reversal to months of bullishness on IT, GS Prime points out that hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.<blockquote>与此同时，高盛继续上周首次观察到的趋势，当时我们注意到对冲基金在过去 10 天中有 9 天做空了科技股，高盛指出：由于经理们连续第三周减少敞口，信息技术行业出现了九个月来最大的净销售额。GS Prime 指出，对冲基金目前对跑输大盘信息科技股的看涨情绪出人意料地逆转，相对于 MSCI World，对冲基金的看涨情绪目前下跌了 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</blockquote>Some more details from the Goldman reports:<blockquote>高盛报告中的更多细节：</blockquote><ul><li>Info Tech, the worst performing sector this week,was also by far the most net sold sector on the GS Prime book driven by short sales outpacing long buys 7 to 1.</li><li>Info Tech stocks were net sold for a third straight week and saw the largest week/week $ net selling since last August (-1.6 SDs). Net trading flow diverged on a subsector level – Semis &amp; Semi Equip, Software, and Electronic Equip were the most net sold, while Comm Equip and IT Services were the most net bought.</li><li>Hedge funds are currently U/W Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.</li><li>From an industry group standpoint, hedge funds are still O/W Software &amp; Svcs by +4.7% (28th percentile) and U/W Semis &amp; Semi Equip and Tech Hardware by -1.6% (13th percentile) and -4.3% (18th percentile), respectively</li></ul><img src=\"https://static.tigerbbs.com/9fd6a23b77549f58ef41bd23b5de74c0\" tg-width=\"656\" tg-height=\"385\" referrerpolicy=\"no-referrer\">And while hedge funds shorted tech, the Goldman US Consumer Discretionary sector saw the largest net buying in three months driven by E-Commerce stocks. As a result, the GS Prime book is now O/W US Consumer Discretionary by +3.3% vs. the S&amp;P 500,which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.<blockquote><ul><li>信息技术是本周表现最差的板块，也是迄今为止 GS Prime book 净卖出最多的板块，其驱动力是卖空量以 7 比 1 超过多头买入。</li><li>信息科技股连续第三周净卖出，并出现自去年 8 月以来最大的周/周净卖出 (-1.6 SDs)。子行业层面的净交易流量有所不同——半成品和半设备、软件和电子设备是净卖出最多的，而通信设备和 IT 服务是净买入最多的。</li><li>与 MSCI World 相比，对冲基金目前持有信息科技股 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</li><li>从行业集团的角度来看，对冲基金仍然是O/W软件和SVC，增长了+4.7%（第28个百分位），U/W半设备和技术硬件分别增长了-1.6%（第13个百分位）和-4.3%（第18个百分位）</li></ul>尽管对冲基金做空科技股，但在电子商务股票的推动下，高盛美国非必需消费品行业出现了三个月来最大的净买入。因此，与标普500相比，GS Prime book 目前比美国非必需消费品上涨 +3.3%，与过去一年相比处于第 9 个百分位，与过去五年相比处于第 50 个百分位.</blockquote><ul><li>In $ terms, Consumer Discretionary was the most net bought US sector on the GS Prime book this week, driven by risk-on flows with long buys outpacing short sales 4 to 1.</li><li>The sector’s aggregate long/short ratio (MV) on the GS Prime book ended the week at 2.53, which is in the 2nd percentile vs. the past year and in the 77th percentile vs. the past five years. The GS Prime book is now O/W US Consumer Discretionary stocks by +3.3% vs. the S&amp;P 500, which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.</li></ul><img src=\"https://static.tigerbbs.com/f91bb2509f471f3239a9d3978a8a1581\" tg-width=\"656\" tg-height=\"383\" referrerpolicy=\"no-referrer\"><blockquote><ul><li>以美元计算，非必需消费品是本周 GS Prime book 上净买入最多的美国板块，受风险偏好资金的推动，多头买入数量超过卖空数量的 4 比 1。</li><li>GS Prime book 上该行业的总多空比率 (MV) 本周结束时为 2.53，与去年相比处于第 2 个百分位，与过去五年相比处于第 77 个百分位。与标普500相比，GS Prime book现在O/W美国非必需消费品库存+3.3%，与去年相比处于第9个百分位，与过去五年相比处于第50个百分位。</li></ul></blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hedge Fund Gross Leverage Hits All Time High As HFs Furiously Short Tech Stocks<blockquote>HFs 疯狂做空科技股，对冲基金总杠杆创历史新高</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHedge Fund Gross Leverage Hits All Time High As HFs Furiously Short Tech Stocks<blockquote>HFs 疯狂做空科技股，对冲基金总杠杆创历史新高</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nzerohedge2021-05-11 15:29\n\n</h4>\n</header>\n<article>\nHedge funds had another rough week according to Goldman's Prime Brokerage, with the GS Equity Fundamental L/S&nbsp; Performance Estimate falling -1.68% between 4/30 and 5/6 (vs MSCI World TR -0.33%), driven by alpha of -1.11% – the worst weekly alpha in two months – and to a lesser extent beta of -0.57% (from market exposure and the market sensitivity factor combined). As a result, global fundamental equity L/S hedge funds lost almost two-thirds of their YTD gains in just the past week, bringing their total YTD return to just 0.97% in what is setting up as another dismal year for the 2 and 20 crowd.<blockquote>根据高盛的主要经纪公司的数据，对冲基金又经历了艰难的一周，GS Equity基本面L/S业绩预期在4月30日至5月6日之间下跌了-1.68%（相对于摩根士丹利资本国际世界TR-0.33%），这是由-1.11%的alpha（两个月来最差的每周alpha）和-0.57%的贝塔（来自市场敞口和市场敏感性因素的结合）推动的。结果，全球基本面股票L/S对冲基金在过去一周就损失了近三分之二的年初至今收益，使其年初至今总回报率仅为0.97%，这对2岁和20岁的人群来说又是一个惨淡的一年。</blockquote><img src=\"https://static.tigerbbs.com/4c1d262955a001211ed92ecfceca5b3d\" tg-width=\"501\" tg-height=\"472\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>What is remarkable is just how sensitive to overall market beta the hedge fund space has become, and there is a reason for that: according to Goldman Prime,overall book Gross leverage rose +1.7 pts to 247.1%, the highest on record,while Net leverage fell -0.9 pts to 88.2% (not quite an all time high, but still 87th percentile).<blockquote>值得注意的是，对冲基金领域对整体市场贝塔值变得如此敏感，这是有原因的：根据高盛Prime的数据，整体账面总杠杆率上升 +1.7 个百分点至 247.1%，创历史新高，而净杠杆率下降-0.9个百分点至88.2%（虽然不是历史最高水平，但仍处于第87个百分位）。</blockquote><img src=\"https://static.tigerbbs.com/8e8665b4387577b4f2b41e5791e348b3\" tg-width=\"1087\" tg-height=\"487\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>Looking at the composition of hedge fund purchases,the overall GS Prime book was modestly net bought again in the past week(+0.15 SDs), driven by risk-on flows as long buys outpaced short sales. Specifically, single Names were net bought while Macro Products (Index and ETF combined) were net sold. North America and to a lesser extent Europe were net bought driven by long buys, while DM Asia and EM Asia were net sold driven by short sales. 8 of 11 global sectors were net bought led in $ terms by Consumer Disc, Health Care, Staples and Real Estate, while Info Tech, Materials, and Financials were net sold.<blockquote>从对冲基金购买的构成来看，过去一周，GS Prime book 的整体净购买量再次温和（+0.15 SDs），由风险流动驱动，因为多头买入超过了卖空。具体来说，单个名称被净买入，而宏观产品（指数和 ETF 合并）被净卖出。北美以及在较小程度上欧洲是由多头买入驱动的净买入，而DM Asia和EM Asia是由卖空驱动的净卖出。11个全球板块中有8个被净买入，以美元计算，其中消费光盘、医疗保健、必需品和房地产为首，而信息技术、材料和金融则被净卖出。</blockquote>Meanwhile, continuing the trend first observed last weekwhen we noted that hedge funds shorted tech sharesfor 9 of the previous 10 days, Goldman notes thatInfo Tech saw the largest net selling in nine months as managers reduced exposure for a third straight week.And in a surprise reversal to months of bullishness on IT, GS Prime points out that hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.<blockquote>与此同时，高盛继续上周首次观察到的趋势，当时我们注意到对冲基金在过去 10 天中有 9 天做空了科技股，高盛指出：由于经理们连续第三周减少敞口，信息技术行业出现了九个月来最大的净销售额。GS Prime 指出，对冲基金目前对跑输大盘信息科技股的看涨情绪出人意料地逆转，相对于 MSCI World，对冲基金的看涨情绪目前下跌了 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</blockquote>Some more details from the Goldman reports:<blockquote>高盛报告中的更多细节：</blockquote><ul><li>Info Tech, the worst performing sector this week,was also by far the most net sold sector on the GS Prime book driven by short sales outpacing long buys 7 to 1.</li><li>Info Tech stocks were net sold for a third straight week and saw the largest week/week $ net selling since last August (-1.6 SDs). Net trading flow diverged on a subsector level – Semis &amp; Semi Equip, Software, and Electronic Equip were the most net sold, while Comm Equip and IT Services were the most net bought.</li><li>Hedge funds are currently U/W Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.</li><li>From an industry group standpoint, hedge funds are still O/W Software &amp; Svcs by +4.7% (28th percentile) and U/W Semis &amp; Semi Equip and Tech Hardware by -1.6% (13th percentile) and -4.3% (18th percentile), respectively</li></ul><img src=\"https://static.tigerbbs.com/9fd6a23b77549f58ef41bd23b5de74c0\" tg-width=\"656\" tg-height=\"385\" referrerpolicy=\"no-referrer\">And while hedge funds shorted tech, the Goldman US Consumer Discretionary sector saw the largest net buying in three months driven by E-Commerce stocks. As a result, the GS Prime book is now O/W US Consumer Discretionary by +3.3% vs. the S&amp;P 500,which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.<blockquote><ul><li>信息技术是本周表现最差的板块，也是迄今为止 GS Prime book 净卖出最多的板块，其驱动力是卖空量以 7 比 1 超过多头买入。</li><li>信息科技股连续第三周净卖出，并出现自去年 8 月以来最大的周/周净卖出 (-1.6 SDs)。子行业层面的净交易流量有所不同——半成品和半设备、软件和电子设备是净卖出最多的，而通信设备和 IT 服务是净买入最多的。</li><li>与 MSCI World 相比，对冲基金目前持有信息科技股 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</li><li>从行业集团的角度来看，对冲基金仍然是O/W软件和SVC，增长了+4.7%（第28个百分位），U/W半设备和技术硬件分别增长了-1.6%（第13个百分位）和-4.3%（第18个百分位）</li></ul>尽管对冲基金做空科技股，但在电子商务股票的推动下，高盛美国非必需消费品行业出现了三个月来最大的净买入。因此，与标普500相比，GS Prime book 目前比美国非必需消费品上涨 +3.3%，与过去一年相比处于第 9 个百分位，与过去五年相比处于第 50 个百分位.</blockquote><ul><li>In $ terms, Consumer Discretionary was the most net bought US sector on the GS Prime book this week, driven by risk-on flows with long buys outpacing short sales 4 to 1.</li><li>The sector’s aggregate long/short ratio (MV) on the GS Prime book ended the week at 2.53, which is in the 2nd percentile vs. the past year and in the 77th percentile vs. the past five years. The GS Prime book is now O/W US Consumer Discretionary stocks by +3.3% vs. the S&amp;P 500, which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.</li></ul><img src=\"https://static.tigerbbs.com/f91bb2509f471f3239a9d3978a8a1581\" tg-width=\"656\" tg-height=\"383\" referrerpolicy=\"no-referrer\"><blockquote><ul><li>以美元计算，非必需消费品是本周 GS Prime book 上净买入最多的美国板块，受风险偏好资金的推动，多头买入数量超过卖空数量的 4 比 1。</li><li>GS Prime book 上该行业的总多空比率 (MV) 本周结束时为 2.53，与去年相比处于第 2 个百分位，与过去五年相比处于第 77 个百分位。与标普500相比，GS Prime book现在O/W美国非必需消费品库存+3.3%，与去年相比处于第9个百分位，与过去五年相比处于第50个百分位。</li></ul></blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.zerohedge.com/markets/hedge-fund-gross-leverage-hits-all-time-high-hfs-furiously-short-tech-stocks\">zerohedge</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","NDX":"纳斯达克100指数"},"source_url":"https://www.zerohedge.com/markets/hedge-fund-gross-leverage-hits-all-time-high-hfs-furiously-short-tech-stocks","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148549916","content_text":"Hedge funds had another rough week according to Goldman's Prime Brokerage, with the GS Equity Fundamental L/S  Performance Estimate falling -1.68% between 4/30 and 5/6 (vs MSCI World TR -0.33%), driven by alpha of -1.11% – the worst weekly alpha in two months – and to a lesser extent beta of -0.57% (from market exposure and the market sensitivity factor combined). As a result, global fundamental equity L/S hedge funds lost almost two-thirds of their YTD gains in just the past week, bringing their total YTD return to just 0.97% in what is setting up as another dismal year for the 2 and 20 crowd.What is remarkable is just how sensitive to overall market beta the hedge fund space has become, and there is a reason for that: according to Goldman Prime,overall book Gross leverage rose +1.7 pts to 247.1%, the highest on record,while Net leverage fell -0.9 pts to 88.2% (not quite an all time high, but still 87th percentile).Looking at the composition of hedge fund purchases,the overall GS Prime book was modestly net bought again in the past week(+0.15 SDs), driven by risk-on flows as long buys outpaced short sales. Specifically, single Names were net bought while Macro Products (Index and ETF combined) were net sold. North America and to a lesser extent Europe were net bought driven by long buys, while DM Asia and EM Asia were net sold driven by short sales. 8 of 11 global sectors were net bought led in $ terms by Consumer Disc, Health Care, Staples and Real Estate, while Info Tech, Materials, and Financials were net sold.Meanwhile, continuing the trend first observed last weekwhen we noted that hedge funds shorted tech sharesfor 9 of the previous 10 days, Goldman notes thatInfo Tech saw the largest net selling in nine months as managers reduced exposure for a third straight week.And in a surprise reversal to months of bullishness on IT, GS Prime points out that hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.Some more details from the Goldman reports:Info Tech, the worst performing sector this week,was also by far the most net sold sector on the GS Prime book driven by short sales outpacing long buys 7 to 1.Info Tech stocks were net sold for a third straight week and saw the largest week/week $ net selling since last August (-1.6 SDs). Net trading flow diverged on a subsector level – Semis & Semi Equip, Software, and Electronic Equip were the most net sold, while Comm Equip and IT Services were the most net bought.Hedge funds are currently U/W Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.From an industry group standpoint, hedge funds are still O/W Software & Svcs by +4.7% (28th percentile) and U/W Semis & Semi Equip and Tech Hardware by -1.6% (13th percentile) and -4.3% (18th percentile), respectivelyAnd while hedge funds shorted tech, the Goldman US Consumer Discretionary sector saw the largest net buying in three months driven by E-Commerce stocks. As a result, the GS Prime book is now O/W US Consumer Discretionary by +3.3% vs. the S&P 500,which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.In $ terms, Consumer Discretionary was the most net bought US sector on the GS Prime book this week, driven by risk-on flows with long buys outpacing short sales 4 to 1.The sector’s aggregate long/short ratio (MV) on the GS Prime book ended the week at 2.53, which is in the 2nd percentile vs. the past year and in the 77th percentile vs. the past five years. The GS Prime book is now O/W US Consumer Discretionary stocks by +3.3% vs. the S&P 500, which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.","news_type":1,"symbols_score_info":{".IXIC":0.9,"NDX":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4297276,"gmtCreate":1620778969121,"gmtModify":1635497604082,"authorId":3576111705733969,"author":{"id":3576111705733969,"idStr":"3576111705733969","authorId":3576111705733969,"name":"Amber96","avatar":"https://static.tigerbbs.com/ff4719b47111775c905025a153a84485","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":193152698,"type":1,"supId":0,"prevId":0,"content":"Ok","text":"Ok","html":"Ok"}],"langContent":"EN"},{"id":193128945,"gmtCreate":1620776351087,"gmtModify":1634196470781,"author":{"id":"3575017486528287","authorId":"3575017486528287","name":"Heokbt","avatar":"https://static.tigerbbs.com/7e4a32658a9c53e0c3578d1dc37b1d6a","vip":1,"crmLevel":12,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"3575017486528287","authorIdStr":"3575017486528287"},"htmlText":"Short for 10 days","listText":"Short for 10 days","text":"Short for 10 days","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/193128945","repostId":1148549916,"repostType":4,"repost":{"id":"1148549916","kind":"news","pubTimestamp":1620718159,"share":"https://www.laohunote.com/m/news/1148549916?lang=zh_CN&edition=full","pubTime":"2021-05-11 15:29","market":"us","language":"en","title":"Hedge Fund Gross Leverage Hits All Time High As HFs Furiously Short Tech Stocks<blockquote>HFs 疯狂做空科技股，对冲基金总杠杆创历史新高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1148549916","media":"zerohedge","summary":"Hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World, the lowest level since last November and in the 3rd percentile vs. the past five years.","content":"Hedge funds had another rough week according to Goldman's Prime Brokerage, with the GS Equity Fundamental L/S&nbsp; Performance Estimate falling -1.68% between 4/30 and 5/6 (vs MSCI World TR -0.33%), driven by alpha of -1.11% – the worst weekly alpha in two months – and to a lesser extent beta of -0.57% (from market exposure and the market sensitivity factor combined). As a result, global fundamental equity L/S hedge funds lost almost two-thirds of their YTD gains in just the past week, bringing their total YTD return to just 0.97% in what is setting up as another dismal year for the 2 and 20 crowd.<blockquote>根据高盛的主要经纪公司的数据，对冲基金又经历了艰难的一周，GS Equity基本面L/S业绩预期在4月30日至5月6日之间下跌了-1.68%（相对于摩根士丹利资本国际世界TR-0.33%），这是由-1.11%的alpha（两个月来最差的每周alpha）和-0.57%的贝塔（来自市场敞口和市场敏感性因素的结合）推动的。结果，全球基本面股票L/S对冲基金在过去一周就损失了近三分之二的年初至今收益，使其年初至今总回报率仅为0.97%，这对2岁和20岁的人群来说又是一个惨淡的一年。</blockquote><img src=\"https://static.tigerbbs.com/4c1d262955a001211ed92ecfceca5b3d\" tg-width=\"501\" tg-height=\"472\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>What is remarkable is just how sensitive to overall market beta the hedge fund space has become, and there is a reason for that: according to Goldman Prime,overall book Gross leverage rose +1.7 pts to 247.1%, the highest on record,while Net leverage fell -0.9 pts to 88.2% (not quite an all time high, but still 87th percentile).<blockquote>值得注意的是，对冲基金领域对整体市场贝塔值变得如此敏感，这是有原因的：根据高盛Prime的数据，整体账面总杠杆率上升 +1.7 个百分点至 247.1%，创历史新高，而净杠杆率下降-0.9个百分点至88.2%（虽然不是历史最高水平，但仍处于第87个百分位）。</blockquote><img src=\"https://static.tigerbbs.com/8e8665b4387577b4f2b41e5791e348b3\" tg-width=\"1087\" tg-height=\"487\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>Looking at the composition of hedge fund purchases,the overall GS Prime book was modestly net bought again in the past week(+0.15 SDs), driven by risk-on flows as long buys outpaced short sales. Specifically, single Names were net bought while Macro Products (Index and ETF combined) were net sold. North America and to a lesser extent Europe were net bought driven by long buys, while DM Asia and EM Asia were net sold driven by short sales. 8 of 11 global sectors were net bought led in $ terms by Consumer Disc, Health Care, Staples and Real Estate, while Info Tech, Materials, and Financials were net sold.<blockquote>从对冲基金购买的构成来看，过去一周，GS Prime book 的整体净购买量再次温和（+0.15 SDs），由风险流动驱动，因为多头买入超过了卖空。具体来说，单个名称被净买入，而宏观产品（指数和 ETF 合并）被净卖出。北美以及在较小程度上欧洲是由多头买入驱动的净买入，而DM Asia和EM Asia是由卖空驱动的净卖出。11个全球板块中有8个被净买入，以美元计算，其中消费光盘、医疗保健、必需品和房地产为首，而信息技术、材料和金融则被净卖出。</blockquote>Meanwhile, continuing the trend first observed last weekwhen we noted that hedge funds shorted tech sharesfor 9 of the previous 10 days, Goldman notes thatInfo Tech saw the largest net selling in nine months as managers reduced exposure for a third straight week.And in a surprise reversal to months of bullishness on IT, GS Prime points out that hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.<blockquote>与此同时，高盛继续上周首次观察到的趋势，当时我们注意到对冲基金在过去 10 天中有 9 天做空了科技股，高盛指出：由于经理们连续第三周减少敞口，信息技术行业出现了九个月来最大的净销售额。GS Prime 指出，对冲基金目前对跑输大盘信息科技股的看涨情绪出人意料地逆转，相对于 MSCI World，对冲基金的看涨情绪目前下跌了 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</blockquote>Some more details from the Goldman reports:<blockquote>高盛报告中的更多细节：</blockquote><ul><li>Info Tech, the worst performing sector this week,was also by far the most net sold sector on the GS Prime book driven by short sales outpacing long buys 7 to 1.</li><li>Info Tech stocks were net sold for a third straight week and saw the largest week/week $ net selling since last August (-1.6 SDs). Net trading flow diverged on a subsector level – Semis &amp; Semi Equip, Software, and Electronic Equip were the most net sold, while Comm Equip and IT Services were the most net bought.</li><li>Hedge funds are currently U/W Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.</li><li>From an industry group standpoint, hedge funds are still O/W Software &amp; Svcs by +4.7% (28th percentile) and U/W Semis &amp; Semi Equip and Tech Hardware by -1.6% (13th percentile) and -4.3% (18th percentile), respectively</li></ul><img src=\"https://static.tigerbbs.com/9fd6a23b77549f58ef41bd23b5de74c0\" tg-width=\"656\" tg-height=\"385\" referrerpolicy=\"no-referrer\">And while hedge funds shorted tech, the Goldman US Consumer Discretionary sector saw the largest net buying in three months driven by E-Commerce stocks. As a result, the GS Prime book is now O/W US Consumer Discretionary by +3.3% vs. the S&amp;P 500,which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.<blockquote><ul><li>信息技术是本周表现最差的板块，也是迄今为止 GS Prime book 净卖出最多的板块，其驱动力是卖空量以 7 比 1 超过多头买入。</li><li>信息科技股连续第三周净卖出，并出现自去年 8 月以来最大的周/周净卖出 (-1.6 SDs)。子行业层面的净交易流量有所不同——半成品和半设备、软件和电子设备是净卖出最多的，而通信设备和 IT 服务是净买入最多的。</li><li>与 MSCI World 相比，对冲基金目前持有信息科技股 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</li><li>从行业集团的角度来看，对冲基金仍然是O/W软件和SVC，增长了+4.7%（第28个百分位），U/W半设备和技术硬件分别增长了-1.6%（第13个百分位）和-4.3%（第18个百分位）</li></ul>尽管对冲基金做空科技股，但在电子商务股票的推动下，高盛美国非必需消费品行业出现了三个月来最大的净买入。因此，与标普500相比，GS Prime book 目前比美国非必需消费品上涨 +3.3%，与过去一年相比处于第 9 个百分位，与过去五年相比处于第 50 个百分位.</blockquote><ul><li>In $ terms, Consumer Discretionary was the most net bought US sector on the GS Prime book this week, driven by risk-on flows with long buys outpacing short sales 4 to 1.</li><li>The sector’s aggregate long/short ratio (MV) on the GS Prime book ended the week at 2.53, which is in the 2nd percentile vs. the past year and in the 77th percentile vs. the past five years. The GS Prime book is now O/W US Consumer Discretionary stocks by +3.3% vs. the S&amp;P 500, which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.</li></ul><img src=\"https://static.tigerbbs.com/f91bb2509f471f3239a9d3978a8a1581\" tg-width=\"656\" tg-height=\"383\" referrerpolicy=\"no-referrer\"><blockquote><ul><li>以美元计算，非必需消费品是本周 GS Prime book 上净买入最多的美国板块，受风险偏好资金的推动，多头买入数量超过卖空数量的 4 比 1。</li><li>GS Prime book 上该行业的总多空比率 (MV) 本周结束时为 2.53，与去年相比处于第 2 个百分位，与过去五年相比处于第 77 个百分位。与标普500相比，GS Prime book现在O/W美国非必需消费品库存+3.3%，与去年相比处于第9个百分位，与过去五年相比处于第50个百分位。</li></ul></blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hedge Fund Gross Leverage Hits All Time High As HFs Furiously Short Tech Stocks<blockquote>HFs 疯狂做空科技股，对冲基金总杠杆创历史新高</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHedge Fund Gross Leverage Hits All Time High As HFs Furiously Short Tech Stocks<blockquote>HFs 疯狂做空科技股，对冲基金总杠杆创历史新高</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nzerohedge2021-05-11 15:29\n\n</h4>\n</header>\n<article>\nHedge funds had another rough week according to Goldman's Prime Brokerage, with the GS Equity Fundamental L/S&nbsp; Performance Estimate falling -1.68% between 4/30 and 5/6 (vs MSCI World TR -0.33%), driven by alpha of -1.11% – the worst weekly alpha in two months – and to a lesser extent beta of -0.57% (from market exposure and the market sensitivity factor combined). As a result, global fundamental equity L/S hedge funds lost almost two-thirds of their YTD gains in just the past week, bringing their total YTD return to just 0.97% in what is setting up as another dismal year for the 2 and 20 crowd.<blockquote>根据高盛的主要经纪公司的数据，对冲基金又经历了艰难的一周，GS Equity基本面L/S业绩预期在4月30日至5月6日之间下跌了-1.68%（相对于摩根士丹利资本国际世界TR-0.33%），这是由-1.11%的alpha（两个月来最差的每周alpha）和-0.57%的贝塔（来自市场敞口和市场敏感性因素的结合）推动的。结果，全球基本面股票L/S对冲基金在过去一周就损失了近三分之二的年初至今收益，使其年初至今总回报率仅为0.97%，这对2岁和20岁的人群来说又是一个惨淡的一年。</blockquote><img src=\"https://static.tigerbbs.com/4c1d262955a001211ed92ecfceca5b3d\" tg-width=\"501\" tg-height=\"472\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>What is remarkable is just how sensitive to overall market beta the hedge fund space has become, and there is a reason for that: according to Goldman Prime,overall book Gross leverage rose +1.7 pts to 247.1%, the highest on record,while Net leverage fell -0.9 pts to 88.2% (not quite an all time high, but still 87th percentile).<blockquote>值得注意的是，对冲基金领域对整体市场贝塔值变得如此敏感，这是有原因的：根据高盛Prime的数据，整体账面总杠杆率上升 +1.7 个百分点至 247.1%，创历史新高，而净杠杆率下降-0.9个百分点至88.2%（虽然不是历史最高水平，但仍处于第87个百分位）。</blockquote><img src=\"https://static.tigerbbs.com/8e8665b4387577b4f2b41e5791e348b3\" tg-width=\"1087\" tg-height=\"487\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>Looking at the composition of hedge fund purchases,the overall GS Prime book was modestly net bought again in the past week(+0.15 SDs), driven by risk-on flows as long buys outpaced short sales. Specifically, single Names were net bought while Macro Products (Index and ETF combined) were net sold. North America and to a lesser extent Europe were net bought driven by long buys, while DM Asia and EM Asia were net sold driven by short sales. 8 of 11 global sectors were net bought led in $ terms by Consumer Disc, Health Care, Staples and Real Estate, while Info Tech, Materials, and Financials were net sold.<blockquote>从对冲基金购买的构成来看，过去一周，GS Prime book 的整体净购买量再次温和（+0.15 SDs），由风险流动驱动，因为多头买入超过了卖空。具体来说，单个名称被净买入，而宏观产品（指数和 ETF 合并）被净卖出。北美以及在较小程度上欧洲是由多头买入驱动的净买入，而DM Asia和EM Asia是由卖空驱动的净卖出。11个全球板块中有8个被净买入，以美元计算，其中消费光盘、医疗保健、必需品和房地产为首，而信息技术、材料和金融则被净卖出。</blockquote>Meanwhile, continuing the trend first observed last weekwhen we noted that hedge funds shorted tech sharesfor 9 of the previous 10 days, Goldman notes thatInfo Tech saw the largest net selling in nine months as managers reduced exposure for a third straight week.And in a surprise reversal to months of bullishness on IT, GS Prime points out that hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.<blockquote>与此同时，高盛继续上周首次观察到的趋势，当时我们注意到对冲基金在过去 10 天中有 9 天做空了科技股，高盛指出：由于经理们连续第三周减少敞口，信息技术行业出现了九个月来最大的净销售额。GS Prime 指出，对冲基金目前对跑输大盘信息科技股的看涨情绪出人意料地逆转，相对于 MSCI World，对冲基金的看涨情绪目前下跌了 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</blockquote>Some more details from the Goldman reports:<blockquote>高盛报告中的更多细节：</blockquote><ul><li>Info Tech, the worst performing sector this week,was also by far the most net sold sector on the GS Prime book driven by short sales outpacing long buys 7 to 1.</li><li>Info Tech stocks were net sold for a third straight week and saw the largest week/week $ net selling since last August (-1.6 SDs). Net trading flow diverged on a subsector level – Semis &amp; Semi Equip, Software, and Electronic Equip were the most net sold, while Comm Equip and IT Services were the most net bought.</li><li>Hedge funds are currently U/W Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.</li><li>From an industry group standpoint, hedge funds are still O/W Software &amp; Svcs by +4.7% (28th percentile) and U/W Semis &amp; Semi Equip and Tech Hardware by -1.6% (13th percentile) and -4.3% (18th percentile), respectively</li></ul><img src=\"https://static.tigerbbs.com/9fd6a23b77549f58ef41bd23b5de74c0\" tg-width=\"656\" tg-height=\"385\" referrerpolicy=\"no-referrer\">And while hedge funds shorted tech, the Goldman US Consumer Discretionary sector saw the largest net buying in three months driven by E-Commerce stocks. As a result, the GS Prime book is now O/W US Consumer Discretionary by +3.3% vs. the S&amp;P 500,which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.<blockquote><ul><li>信息技术是本周表现最差的板块，也是迄今为止 GS Prime book 净卖出最多的板块，其驱动力是卖空量以 7 比 1 超过多头买入。</li><li>信息科技股连续第三周净卖出，并出现自去年 8 月以来最大的周/周净卖出 (-1.6 SDs)。子行业层面的净交易流量有所不同——半成品和半设备、软件和电子设备是净卖出最多的，而通信设备和 IT 服务是净买入最多的。</li><li>与 MSCI World 相比，对冲基金目前持有信息科技股 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</li><li>从行业集团的角度来看，对冲基金仍然是O/W软件和SVC，增长了+4.7%（第28个百分位），U/W半设备和技术硬件分别增长了-1.6%（第13个百分位）和-4.3%（第18个百分位）</li></ul>尽管对冲基金做空科技股，但在电子商务股票的推动下，高盛美国非必需消费品行业出现了三个月来最大的净买入。因此，与标普500相比，GS Prime book 目前比美国非必需消费品上涨 +3.3%，与过去一年相比处于第 9 个百分位，与过去五年相比处于第 50 个百分位.</blockquote><ul><li>In $ terms, Consumer Discretionary was the most net bought US sector on the GS Prime book this week, driven by risk-on flows with long buys outpacing short sales 4 to 1.</li><li>The sector’s aggregate long/short ratio (MV) on the GS Prime book ended the week at 2.53, which is in the 2nd percentile vs. the past year and in the 77th percentile vs. the past five years. The GS Prime book is now O/W US Consumer Discretionary stocks by +3.3% vs. the S&amp;P 500, which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.</li></ul><img src=\"https://static.tigerbbs.com/f91bb2509f471f3239a9d3978a8a1581\" tg-width=\"656\" tg-height=\"383\" referrerpolicy=\"no-referrer\"><blockquote><ul><li>以美元计算，非必需消费品是本周 GS Prime book 上净买入最多的美国板块，受风险偏好资金的推动，多头买入数量超过卖空数量的 4 比 1。</li><li>GS Prime book 上该行业的总多空比率 (MV) 本周结束时为 2.53，与去年相比处于第 2 个百分位，与过去五年相比处于第 77 个百分位。与标普500相比，GS Prime book现在O/W美国非必需消费品库存+3.3%，与去年相比处于第9个百分位，与过去五年相比处于第50个百分位。</li></ul></blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.zerohedge.com/markets/hedge-fund-gross-leverage-hits-all-time-high-hfs-furiously-short-tech-stocks\">zerohedge</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","NDX":"纳斯达克100指数"},"source_url":"https://www.zerohedge.com/markets/hedge-fund-gross-leverage-hits-all-time-high-hfs-furiously-short-tech-stocks","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148549916","content_text":"Hedge funds had another rough week according to Goldman's Prime Brokerage, with the GS Equity Fundamental L/S  Performance Estimate falling -1.68% between 4/30 and 5/6 (vs MSCI World TR -0.33%), driven by alpha of -1.11% – the worst weekly alpha in two months – and to a lesser extent beta of -0.57% (from market exposure and the market sensitivity factor combined). As a result, global fundamental equity L/S hedge funds lost almost two-thirds of their YTD gains in just the past week, bringing their total YTD return to just 0.97% in what is setting up as another dismal year for the 2 and 20 crowd.What is remarkable is just how sensitive to overall market beta the hedge fund space has become, and there is a reason for that: according to Goldman Prime,overall book Gross leverage rose +1.7 pts to 247.1%, the highest on record,while Net leverage fell -0.9 pts to 88.2% (not quite an all time high, but still 87th percentile).Looking at the composition of hedge fund purchases,the overall GS Prime book was modestly net bought again in the past week(+0.15 SDs), driven by risk-on flows as long buys outpaced short sales. Specifically, single Names were net bought while Macro Products (Index and ETF combined) were net sold. North America and to a lesser extent Europe were net bought driven by long buys, while DM Asia and EM Asia were net sold driven by short sales. 8 of 11 global sectors were net bought led in $ terms by Consumer Disc, Health Care, Staples and Real Estate, while Info Tech, Materials, and Financials were net sold.Meanwhile, continuing the trend first observed last weekwhen we noted that hedge funds shorted tech sharesfor 9 of the previous 10 days, Goldman notes thatInfo Tech saw the largest net selling in nine months as managers reduced exposure for a third straight week.And in a surprise reversal to months of bullishness on IT, GS Prime points out that hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.Some more details from the Goldman reports:Info Tech, the worst performing sector this week,was also by far the most net sold sector on the GS Prime book driven by short sales outpacing long buys 7 to 1.Info Tech stocks were net sold for a third straight week and saw the largest week/week $ net selling since last August (-1.6 SDs). Net trading flow diverged on a subsector level – Semis & Semi Equip, Software, and Electronic Equip were the most net sold, while Comm Equip and IT Services were the most net bought.Hedge funds are currently U/W Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.From an industry group standpoint, hedge funds are still O/W Software & Svcs by +4.7% (28th percentile) and U/W Semis & Semi Equip and Tech Hardware by -1.6% (13th percentile) and -4.3% (18th percentile), respectivelyAnd while hedge funds shorted tech, the Goldman US Consumer Discretionary sector saw the largest net buying in three months driven by E-Commerce stocks. As a result, the GS Prime book is now O/W US Consumer Discretionary by +3.3% vs. the S&P 500,which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.In $ terms, Consumer Discretionary was the most net bought US sector on the GS Prime book this week, driven by risk-on flows with long buys outpacing short sales 4 to 1.The sector’s aggregate long/short ratio (MV) on the GS Prime book ended the week at 2.53, which is in the 2nd percentile vs. the past year and in the 77th percentile vs. the past five years. The GS Prime book is now O/W US Consumer Discretionary stocks by +3.3% vs. the S&P 500, which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.","news_type":1,"symbols_score_info":{".IXIC":0.9,"NDX":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":193115789,"gmtCreate":1620775048741,"gmtModify":1634196494865,"author":{"id":"3576260758860416","authorId":"3576260758860416","name":"andrew123","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":11,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"3576260758860416","authorIdStr":"3576260758860416"},"htmlText":"The more they short the more tech stk looks attractive to buy. Slowly accumulate . Look for rebounce when they need to buy back. Like n comment","listText":"The more they short the more tech stk looks attractive to buy. Slowly accumulate . Look for rebounce when they need to buy back. Like n comment","text":"The more they short the more tech stk looks attractive to buy. Slowly accumulate . Look for rebounce when they need to buy back. Like n comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/193115789","repostId":1148549916,"repostType":4,"repost":{"id":"1148549916","kind":"news","pubTimestamp":1620718159,"share":"https://www.laohunote.com/m/news/1148549916?lang=zh_CN&edition=full","pubTime":"2021-05-11 15:29","market":"us","language":"en","title":"Hedge Fund Gross Leverage Hits All Time High As HFs Furiously Short Tech Stocks<blockquote>HFs 疯狂做空科技股，对冲基金总杠杆创历史新高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1148549916","media":"zerohedge","summary":"Hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World, the lowest level since last November and in the 3rd percentile vs. the past five years.","content":"Hedge funds had another rough week according to Goldman's Prime Brokerage, with the GS Equity Fundamental L/S&nbsp; Performance Estimate falling -1.68% between 4/30 and 5/6 (vs MSCI World TR -0.33%), driven by alpha of -1.11% – the worst weekly alpha in two months – and to a lesser extent beta of -0.57% (from market exposure and the market sensitivity factor combined). As a result, global fundamental equity L/S hedge funds lost almost two-thirds of their YTD gains in just the past week, bringing their total YTD return to just 0.97% in what is setting up as another dismal year for the 2 and 20 crowd.<blockquote>根据高盛的主要经纪公司的数据，对冲基金又经历了艰难的一周，GS Equity基本面L/S业绩预期在4月30日至5月6日之间下跌了-1.68%（相对于摩根士丹利资本国际世界TR-0.33%），这是由-1.11%的alpha（两个月来最差的每周alpha）和-0.57%的贝塔（来自市场敞口和市场敏感性因素的结合）推动的。结果，全球基本面股票L/S对冲基金在过去一周就损失了近三分之二的年初至今收益，使其年初至今总回报率仅为0.97%，这对2岁和20岁的人群来说又是一个惨淡的一年。</blockquote><img src=\"https://static.tigerbbs.com/4c1d262955a001211ed92ecfceca5b3d\" tg-width=\"501\" tg-height=\"472\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>What is remarkable is just how sensitive to overall market beta the hedge fund space has become, and there is a reason for that: according to Goldman Prime,overall book Gross leverage rose +1.7 pts to 247.1%, the highest on record,while Net leverage fell -0.9 pts to 88.2% (not quite an all time high, but still 87th percentile).<blockquote>值得注意的是，对冲基金领域对整体市场贝塔值变得如此敏感，这是有原因的：根据高盛Prime的数据，整体账面总杠杆率上升 +1.7 个百分点至 247.1%，创历史新高，而净杠杆率下降-0.9个百分点至88.2%（虽然不是历史最高水平，但仍处于第87个百分位）。</blockquote><img src=\"https://static.tigerbbs.com/8e8665b4387577b4f2b41e5791e348b3\" tg-width=\"1087\" tg-height=\"487\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>Looking at the composition of hedge fund purchases,the overall GS Prime book was modestly net bought again in the past week(+0.15 SDs), driven by risk-on flows as long buys outpaced short sales. Specifically, single Names were net bought while Macro Products (Index and ETF combined) were net sold. North America and to a lesser extent Europe were net bought driven by long buys, while DM Asia and EM Asia were net sold driven by short sales. 8 of 11 global sectors were net bought led in $ terms by Consumer Disc, Health Care, Staples and Real Estate, while Info Tech, Materials, and Financials were net sold.<blockquote>从对冲基金购买的构成来看，过去一周，GS Prime book 的整体净购买量再次温和（+0.15 SDs），由风险流动驱动，因为多头买入超过了卖空。具体来说，单个名称被净买入，而宏观产品（指数和 ETF 合并）被净卖出。北美以及在较小程度上欧洲是由多头买入驱动的净买入，而DM Asia和EM Asia是由卖空驱动的净卖出。11个全球板块中有8个被净买入，以美元计算，其中消费光盘、医疗保健、必需品和房地产为首，而信息技术、材料和金融则被净卖出。</blockquote>Meanwhile, continuing the trend first observed last weekwhen we noted that hedge funds shorted tech sharesfor 9 of the previous 10 days, Goldman notes thatInfo Tech saw the largest net selling in nine months as managers reduced exposure for a third straight week.And in a surprise reversal to months of bullishness on IT, GS Prime points out that hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.<blockquote>与此同时，高盛继续上周首次观察到的趋势，当时我们注意到对冲基金在过去 10 天中有 9 天做空了科技股，高盛指出：由于经理们连续第三周减少敞口，信息技术行业出现了九个月来最大的净销售额。GS Prime 指出，对冲基金目前对跑输大盘信息科技股的看涨情绪出人意料地逆转，相对于 MSCI World，对冲基金的看涨情绪目前下跌了 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</blockquote>Some more details from the Goldman reports:<blockquote>高盛报告中的更多细节：</blockquote><ul><li>Info Tech, the worst performing sector this week,was also by far the most net sold sector on the GS Prime book driven by short sales outpacing long buys 7 to 1.</li><li>Info Tech stocks were net sold for a third straight week and saw the largest week/week $ net selling since last August (-1.6 SDs). Net trading flow diverged on a subsector level – Semis &amp; Semi Equip, Software, and Electronic Equip were the most net sold, while Comm Equip and IT Services were the most net bought.</li><li>Hedge funds are currently U/W Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.</li><li>From an industry group standpoint, hedge funds are still O/W Software &amp; Svcs by +4.7% (28th percentile) and U/W Semis &amp; Semi Equip and Tech Hardware by -1.6% (13th percentile) and -4.3% (18th percentile), respectively</li></ul><img src=\"https://static.tigerbbs.com/9fd6a23b77549f58ef41bd23b5de74c0\" tg-width=\"656\" tg-height=\"385\" referrerpolicy=\"no-referrer\">And while hedge funds shorted tech, the Goldman US Consumer Discretionary sector saw the largest net buying in three months driven by E-Commerce stocks. As a result, the GS Prime book is now O/W US Consumer Discretionary by +3.3% vs. the S&amp;P 500,which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.<blockquote><ul><li>信息技术是本周表现最差的板块，也是迄今为止 GS Prime book 净卖出最多的板块，其驱动力是卖空量以 7 比 1 超过多头买入。</li><li>信息科技股连续第三周净卖出，并出现自去年 8 月以来最大的周/周净卖出 (-1.6 SDs)。子行业层面的净交易流量有所不同——半成品和半设备、软件和电子设备是净卖出最多的，而通信设备和 IT 服务是净买入最多的。</li><li>与 MSCI World 相比，对冲基金目前持有信息科技股 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</li><li>从行业集团的角度来看，对冲基金仍然是O/W软件和SVC，增长了+4.7%（第28个百分位），U/W半设备和技术硬件分别增长了-1.6%（第13个百分位）和-4.3%（第18个百分位）</li></ul>尽管对冲基金做空科技股，但在电子商务股票的推动下，高盛美国非必需消费品行业出现了三个月来最大的净买入。因此，与标普500相比，GS Prime book 目前比美国非必需消费品上涨 +3.3%，与过去一年相比处于第 9 个百分位，与过去五年相比处于第 50 个百分位.</blockquote><ul><li>In $ terms, Consumer Discretionary was the most net bought US sector on the GS Prime book this week, driven by risk-on flows with long buys outpacing short sales 4 to 1.</li><li>The sector’s aggregate long/short ratio (MV) on the GS Prime book ended the week at 2.53, which is in the 2nd percentile vs. the past year and in the 77th percentile vs. the past five years. The GS Prime book is now O/W US Consumer Discretionary stocks by +3.3% vs. the S&amp;P 500, which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.</li></ul><img src=\"https://static.tigerbbs.com/f91bb2509f471f3239a9d3978a8a1581\" tg-width=\"656\" tg-height=\"383\" referrerpolicy=\"no-referrer\"><blockquote><ul><li>以美元计算，非必需消费品是本周 GS Prime book 上净买入最多的美国板块，受风险偏好资金的推动，多头买入数量超过卖空数量的 4 比 1。</li><li>GS Prime book 上该行业的总多空比率 (MV) 本周结束时为 2.53，与去年相比处于第 2 个百分位，与过去五年相比处于第 77 个百分位。与标普500相比，GS Prime book现在O/W美国非必需消费品库存+3.3%，与去年相比处于第9个百分位，与过去五年相比处于第50个百分位。</li></ul></blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hedge Fund Gross Leverage Hits All Time High As HFs Furiously Short Tech Stocks<blockquote>HFs 疯狂做空科技股，对冲基金总杠杆创历史新高</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHedge Fund Gross Leverage Hits All Time High As HFs Furiously Short Tech Stocks<blockquote>HFs 疯狂做空科技股，对冲基金总杠杆创历史新高</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nzerohedge2021-05-11 15:29\n\n</h4>\n</header>\n<article>\nHedge funds had another rough week according to Goldman's Prime Brokerage, with the GS Equity Fundamental L/S&nbsp; Performance Estimate falling -1.68% between 4/30 and 5/6 (vs MSCI World TR -0.33%), driven by alpha of -1.11% – the worst weekly alpha in two months – and to a lesser extent beta of -0.57% (from market exposure and the market sensitivity factor combined). As a result, global fundamental equity L/S hedge funds lost almost two-thirds of their YTD gains in just the past week, bringing their total YTD return to just 0.97% in what is setting up as another dismal year for the 2 and 20 crowd.<blockquote>根据高盛的主要经纪公司的数据，对冲基金又经历了艰难的一周，GS Equity基本面L/S业绩预期在4月30日至5月6日之间下跌了-1.68%（相对于摩根士丹利资本国际世界TR-0.33%），这是由-1.11%的alpha（两个月来最差的每周alpha）和-0.57%的贝塔（来自市场敞口和市场敏感性因素的结合）推动的。结果，全球基本面股票L/S对冲基金在过去一周就损失了近三分之二的年初至今收益，使其年初至今总回报率仅为0.97%，这对2岁和20岁的人群来说又是一个惨淡的一年。</blockquote><img src=\"https://static.tigerbbs.com/4c1d262955a001211ed92ecfceca5b3d\" tg-width=\"501\" tg-height=\"472\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>What is remarkable is just how sensitive to overall market beta the hedge fund space has become, and there is a reason for that: according to Goldman Prime,overall book Gross leverage rose +1.7 pts to 247.1%, the highest on record,while Net leverage fell -0.9 pts to 88.2% (not quite an all time high, but still 87th percentile).<blockquote>值得注意的是，对冲基金领域对整体市场贝塔值变得如此敏感，这是有原因的：根据高盛Prime的数据，整体账面总杠杆率上升 +1.7 个百分点至 247.1%，创历史新高，而净杠杆率下降-0.9个百分点至88.2%（虽然不是历史最高水平，但仍处于第87个百分位）。</blockquote><img src=\"https://static.tigerbbs.com/8e8665b4387577b4f2b41e5791e348b3\" tg-width=\"1087\" tg-height=\"487\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>Looking at the composition of hedge fund purchases,the overall GS Prime book was modestly net bought again in the past week(+0.15 SDs), driven by risk-on flows as long buys outpaced short sales. Specifically, single Names were net bought while Macro Products (Index and ETF combined) were net sold. North America and to a lesser extent Europe were net bought driven by long buys, while DM Asia and EM Asia were net sold driven by short sales. 8 of 11 global sectors were net bought led in $ terms by Consumer Disc, Health Care, Staples and Real Estate, while Info Tech, Materials, and Financials were net sold.<blockquote>从对冲基金购买的构成来看，过去一周，GS Prime book 的整体净购买量再次温和（+0.15 SDs），由风险流动驱动，因为多头买入超过了卖空。具体来说，单个名称被净买入，而宏观产品（指数和 ETF 合并）被净卖出。北美以及在较小程度上欧洲是由多头买入驱动的净买入，而DM Asia和EM Asia是由卖空驱动的净卖出。11个全球板块中有8个被净买入，以美元计算，其中消费光盘、医疗保健、必需品和房地产为首，而信息技术、材料和金融则被净卖出。</blockquote>Meanwhile, continuing the trend first observed last weekwhen we noted that hedge funds shorted tech sharesfor 9 of the previous 10 days, Goldman notes thatInfo Tech saw the largest net selling in nine months as managers reduced exposure for a third straight week.And in a surprise reversal to months of bullishness on IT, GS Prime points out that hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.<blockquote>与此同时，高盛继续上周首次观察到的趋势，当时我们注意到对冲基金在过去 10 天中有 9 天做空了科技股，高盛指出：由于经理们连续第三周减少敞口，信息技术行业出现了九个月来最大的净销售额。GS Prime 指出，对冲基金目前对跑输大盘信息科技股的看涨情绪出人意料地逆转，相对于 MSCI World，对冲基金的看涨情绪目前下跌了 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</blockquote>Some more details from the Goldman reports:<blockquote>高盛报告中的更多细节：</blockquote><ul><li>Info Tech, the worst performing sector this week,was also by far the most net sold sector on the GS Prime book driven by short sales outpacing long buys 7 to 1.</li><li>Info Tech stocks were net sold for a third straight week and saw the largest week/week $ net selling since last August (-1.6 SDs). Net trading flow diverged on a subsector level – Semis &amp; Semi Equip, Software, and Electronic Equip were the most net sold, while Comm Equip and IT Services were the most net bought.</li><li>Hedge funds are currently U/W Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.</li><li>From an industry group standpoint, hedge funds are still O/W Software &amp; Svcs by +4.7% (28th percentile) and U/W Semis &amp; Semi Equip and Tech Hardware by -1.6% (13th percentile) and -4.3% (18th percentile), respectively</li></ul><img src=\"https://static.tigerbbs.com/9fd6a23b77549f58ef41bd23b5de74c0\" tg-width=\"656\" tg-height=\"385\" referrerpolicy=\"no-referrer\">And while hedge funds shorted tech, the Goldman US Consumer Discretionary sector saw the largest net buying in three months driven by E-Commerce stocks. As a result, the GS Prime book is now O/W US Consumer Discretionary by +3.3% vs. the S&amp;P 500,which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.<blockquote><ul><li>信息技术是本周表现最差的板块，也是迄今为止 GS Prime book 净卖出最多的板块，其驱动力是卖空量以 7 比 1 超过多头买入。</li><li>信息科技股连续第三周净卖出，并出现自去年 8 月以来最大的周/周净卖出 (-1.6 SDs)。子行业层面的净交易流量有所不同——半成品和半设备、软件和电子设备是净卖出最多的，而通信设备和 IT 服务是净买入最多的。</li><li>与 MSCI World 相比，对冲基金目前持有信息科技股 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</li><li>从行业集团的角度来看，对冲基金仍然是O/W软件和SVC，增长了+4.7%（第28个百分位），U/W半设备和技术硬件分别增长了-1.6%（第13个百分位）和-4.3%（第18个百分位）</li></ul>尽管对冲基金做空科技股，但在电子商务股票的推动下，高盛美国非必需消费品行业出现了三个月来最大的净买入。因此，与标普500相比，GS Prime book 目前比美国非必需消费品上涨 +3.3%，与过去一年相比处于第 9 个百分位，与过去五年相比处于第 50 个百分位.</blockquote><ul><li>In $ terms, Consumer Discretionary was the most net bought US sector on the GS Prime book this week, driven by risk-on flows with long buys outpacing short sales 4 to 1.</li><li>The sector’s aggregate long/short ratio (MV) on the GS Prime book ended the week at 2.53, which is in the 2nd percentile vs. the past year and in the 77th percentile vs. the past five years. The GS Prime book is now O/W US Consumer Discretionary stocks by +3.3% vs. the S&amp;P 500, which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.</li></ul><img src=\"https://static.tigerbbs.com/f91bb2509f471f3239a9d3978a8a1581\" tg-width=\"656\" tg-height=\"383\" referrerpolicy=\"no-referrer\"><blockquote><ul><li>以美元计算，非必需消费品是本周 GS Prime book 上净买入最多的美国板块，受风险偏好资金的推动，多头买入数量超过卖空数量的 4 比 1。</li><li>GS Prime book 上该行业的总多空比率 (MV) 本周结束时为 2.53，与去年相比处于第 2 个百分位，与过去五年相比处于第 77 个百分位。与标普500相比，GS Prime book现在O/W美国非必需消费品库存+3.3%，与去年相比处于第9个百分位，与过去五年相比处于第50个百分位。</li></ul></blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.zerohedge.com/markets/hedge-fund-gross-leverage-hits-all-time-high-hfs-furiously-short-tech-stocks\">zerohedge</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","NDX":"纳斯达克100指数"},"source_url":"https://www.zerohedge.com/markets/hedge-fund-gross-leverage-hits-all-time-high-hfs-furiously-short-tech-stocks","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148549916","content_text":"Hedge funds had another rough week according to Goldman's Prime Brokerage, with the GS Equity Fundamental L/S  Performance Estimate falling -1.68% between 4/30 and 5/6 (vs MSCI World TR -0.33%), driven by alpha of -1.11% – the worst weekly alpha in two months – and to a lesser extent beta of -0.57% (from market exposure and the market sensitivity factor combined). As a result, global fundamental equity L/S hedge funds lost almost two-thirds of their YTD gains in just the past week, bringing their total YTD return to just 0.97% in what is setting up as another dismal year for the 2 and 20 crowd.What is remarkable is just how sensitive to overall market beta the hedge fund space has become, and there is a reason for that: according to Goldman Prime,overall book Gross leverage rose +1.7 pts to 247.1%, the highest on record,while Net leverage fell -0.9 pts to 88.2% (not quite an all time high, but still 87th percentile).Looking at the composition of hedge fund purchases,the overall GS Prime book was modestly net bought again in the past week(+0.15 SDs), driven by risk-on flows as long buys outpaced short sales. Specifically, single Names were net bought while Macro Products (Index and ETF combined) were net sold. North America and to a lesser extent Europe were net bought driven by long buys, while DM Asia and EM Asia were net sold driven by short sales. 8 of 11 global sectors were net bought led in $ terms by Consumer Disc, Health Care, Staples and Real Estate, while Info Tech, Materials, and Financials were net sold.Meanwhile, continuing the trend first observed last weekwhen we noted that hedge funds shorted tech sharesfor 9 of the previous 10 days, Goldman notes thatInfo Tech saw the largest net selling in nine months as managers reduced exposure for a third straight week.And in a surprise reversal to months of bullishness on IT, GS Prime points out that hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.Some more details from the Goldman reports:Info Tech, the worst performing sector this week,was also by far the most net sold sector on the GS Prime book driven by short sales outpacing long buys 7 to 1.Info Tech stocks were net sold for a third straight week and saw the largest week/week $ net selling since last August (-1.6 SDs). Net trading flow diverged on a subsector level – Semis & Semi Equip, Software, and Electronic Equip were the most net sold, while Comm Equip and IT Services were the most net bought.Hedge funds are currently U/W Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.From an industry group standpoint, hedge funds are still O/W Software & Svcs by +4.7% (28th percentile) and U/W Semis & Semi Equip and Tech Hardware by -1.6% (13th percentile) and -4.3% (18th percentile), respectivelyAnd while hedge funds shorted tech, the Goldman US Consumer Discretionary sector saw the largest net buying in three months driven by E-Commerce stocks. As a result, the GS Prime book is now O/W US Consumer Discretionary by +3.3% vs. the S&P 500,which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.In $ terms, Consumer Discretionary was the most net bought US sector on the GS Prime book this week, driven by risk-on flows with long buys outpacing short sales 4 to 1.The sector’s aggregate long/short ratio (MV) on the GS Prime book ended the week at 2.53, which is in the 2nd percentile vs. the past year and in the 77th percentile vs. the past five years. The GS Prime book is now O/W US Consumer Discretionary stocks by +3.3% vs. the S&P 500, which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.","news_type":1,"symbols_score_info":{".IXIC":0.9,"NDX":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":193139355,"gmtCreate":1620774103377,"gmtModify":1634196508670,"author":{"id":"3581823222182692","authorId":"3581823222182692","name":"40c9acb5","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"3581823222182692","authorIdStr":"3581823222182692"},"htmlText":"Pls like and comment&nbsp;","listText":"Pls like and comment&nbsp;","text":"Pls like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/193139355","repostId":1148549916,"repostType":4,"repost":{"id":"1148549916","kind":"news","pubTimestamp":1620718159,"share":"https://www.laohunote.com/m/news/1148549916?lang=zh_CN&edition=full","pubTime":"2021-05-11 15:29","market":"us","language":"en","title":"Hedge Fund Gross Leverage Hits All Time High As HFs Furiously Short Tech Stocks<blockquote>HFs 疯狂做空科技股，对冲基金总杠杆创历史新高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1148549916","media":"zerohedge","summary":"Hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World, the lowest level since last November and in the 3rd percentile vs. the past five years.","content":"Hedge funds had another rough week according to Goldman's Prime Brokerage, with the GS Equity Fundamental L/S&nbsp; Performance Estimate falling -1.68% between 4/30 and 5/6 (vs MSCI World TR -0.33%), driven by alpha of -1.11% – the worst weekly alpha in two months – and to a lesser extent beta of -0.57% (from market exposure and the market sensitivity factor combined). As a result, global fundamental equity L/S hedge funds lost almost two-thirds of their YTD gains in just the past week, bringing their total YTD return to just 0.97% in what is setting up as another dismal year for the 2 and 20 crowd.<blockquote>根据高盛的主要经纪公司的数据，对冲基金又经历了艰难的一周，GS Equity基本面L/S业绩预期在4月30日至5月6日之间下跌了-1.68%（相对于摩根士丹利资本国际世界TR-0.33%），这是由-1.11%的alpha（两个月来最差的每周alpha）和-0.57%的贝塔（来自市场敞口和市场敏感性因素的结合）推动的。结果，全球基本面股票L/S对冲基金在过去一周就损失了近三分之二的年初至今收益，使其年初至今总回报率仅为0.97%，这对2岁和20岁的人群来说又是一个惨淡的一年。</blockquote><img src=\"https://static.tigerbbs.com/4c1d262955a001211ed92ecfceca5b3d\" tg-width=\"501\" tg-height=\"472\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>What is remarkable is just how sensitive to overall market beta the hedge fund space has become, and there is a reason for that: according to Goldman Prime,overall book Gross leverage rose +1.7 pts to 247.1%, the highest on record,while Net leverage fell -0.9 pts to 88.2% (not quite an all time high, but still 87th percentile).<blockquote>值得注意的是，对冲基金领域对整体市场贝塔值变得如此敏感，这是有原因的：根据高盛Prime的数据，整体账面总杠杆率上升 +1.7 个百分点至 247.1%，创历史新高，而净杠杆率下降-0.9个百分点至88.2%（虽然不是历史最高水平，但仍处于第87个百分位）。</blockquote><img src=\"https://static.tigerbbs.com/8e8665b4387577b4f2b41e5791e348b3\" tg-width=\"1087\" tg-height=\"487\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>Looking at the composition of hedge fund purchases,the overall GS Prime book was modestly net bought again in the past week(+0.15 SDs), driven by risk-on flows as long buys outpaced short sales. Specifically, single Names were net bought while Macro Products (Index and ETF combined) were net sold. North America and to a lesser extent Europe were net bought driven by long buys, while DM Asia and EM Asia were net sold driven by short sales. 8 of 11 global sectors were net bought led in $ terms by Consumer Disc, Health Care, Staples and Real Estate, while Info Tech, Materials, and Financials were net sold.<blockquote>从对冲基金购买的构成来看，过去一周，GS Prime book 的整体净购买量再次温和（+0.15 SDs），由风险流动驱动，因为多头买入超过了卖空。具体来说，单个名称被净买入，而宏观产品（指数和 ETF 合并）被净卖出。北美以及在较小程度上欧洲是由多头买入驱动的净买入，而DM Asia和EM Asia是由卖空驱动的净卖出。11个全球板块中有8个被净买入，以美元计算，其中消费光盘、医疗保健、必需品和房地产为首，而信息技术、材料和金融则被净卖出。</blockquote>Meanwhile, continuing the trend first observed last weekwhen we noted that hedge funds shorted tech sharesfor 9 of the previous 10 days, Goldman notes thatInfo Tech saw the largest net selling in nine months as managers reduced exposure for a third straight week.And in a surprise reversal to months of bullishness on IT, GS Prime points out that hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.<blockquote>与此同时，高盛继续上周首次观察到的趋势，当时我们注意到对冲基金在过去 10 天中有 9 天做空了科技股，高盛指出：由于经理们连续第三周减少敞口，信息技术行业出现了九个月来最大的净销售额。GS Prime 指出，对冲基金目前对跑输大盘信息科技股的看涨情绪出人意料地逆转，相对于 MSCI World，对冲基金的看涨情绪目前下跌了 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</blockquote>Some more details from the Goldman reports:<blockquote>高盛报告中的更多细节：</blockquote><ul><li>Info Tech, the worst performing sector this week,was also by far the most net sold sector on the GS Prime book driven by short sales outpacing long buys 7 to 1.</li><li>Info Tech stocks were net sold for a third straight week and saw the largest week/week $ net selling since last August (-1.6 SDs). Net trading flow diverged on a subsector level – Semis &amp; Semi Equip, Software, and Electronic Equip were the most net sold, while Comm Equip and IT Services were the most net bought.</li><li>Hedge funds are currently U/W Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.</li><li>From an industry group standpoint, hedge funds are still O/W Software &amp; Svcs by +4.7% (28th percentile) and U/W Semis &amp; Semi Equip and Tech Hardware by -1.6% (13th percentile) and -4.3% (18th percentile), respectively</li></ul><img src=\"https://static.tigerbbs.com/9fd6a23b77549f58ef41bd23b5de74c0\" tg-width=\"656\" tg-height=\"385\" referrerpolicy=\"no-referrer\">And while hedge funds shorted tech, the Goldman US Consumer Discretionary sector saw the largest net buying in three months driven by E-Commerce stocks. As a result, the GS Prime book is now O/W US Consumer Discretionary by +3.3% vs. the S&amp;P 500,which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.<blockquote><ul><li>信息技术是本周表现最差的板块，也是迄今为止 GS Prime book 净卖出最多的板块，其驱动力是卖空量以 7 比 1 超过多头买入。</li><li>信息科技股连续第三周净卖出，并出现自去年 8 月以来最大的周/周净卖出 (-1.6 SDs)。子行业层面的净交易流量有所不同——半成品和半设备、软件和电子设备是净卖出最多的，而通信设备和 IT 服务是净买入最多的。</li><li>与 MSCI World 相比，对冲基金目前持有信息科技股 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</li><li>从行业集团的角度来看，对冲基金仍然是O/W软件和SVC，增长了+4.7%（第28个百分位），U/W半设备和技术硬件分别增长了-1.6%（第13个百分位）和-4.3%（第18个百分位）</li></ul>尽管对冲基金做空科技股，但在电子商务股票的推动下，高盛美国非必需消费品行业出现了三个月来最大的净买入。因此，与标普500相比，GS Prime book 目前比美国非必需消费品上涨 +3.3%，与过去一年相比处于第 9 个百分位，与过去五年相比处于第 50 个百分位.</blockquote><ul><li>In $ terms, Consumer Discretionary was the most net bought US sector on the GS Prime book this week, driven by risk-on flows with long buys outpacing short sales 4 to 1.</li><li>The sector’s aggregate long/short ratio (MV) on the GS Prime book ended the week at 2.53, which is in the 2nd percentile vs. the past year and in the 77th percentile vs. the past five years. The GS Prime book is now O/W US Consumer Discretionary stocks by +3.3% vs. the S&amp;P 500, which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.</li></ul><img src=\"https://static.tigerbbs.com/f91bb2509f471f3239a9d3978a8a1581\" tg-width=\"656\" tg-height=\"383\" referrerpolicy=\"no-referrer\"><blockquote><ul><li>以美元计算，非必需消费品是本周 GS Prime book 上净买入最多的美国板块，受风险偏好资金的推动，多头买入数量超过卖空数量的 4 比 1。</li><li>GS Prime book 上该行业的总多空比率 (MV) 本周结束时为 2.53，与去年相比处于第 2 个百分位，与过去五年相比处于第 77 个百分位。与标普500相比，GS Prime book现在O/W美国非必需消费品库存+3.3%，与去年相比处于第9个百分位，与过去五年相比处于第50个百分位。</li></ul></blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hedge Fund Gross Leverage Hits All Time High As HFs Furiously Short Tech Stocks<blockquote>HFs 疯狂做空科技股，对冲基金总杠杆创历史新高</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHedge Fund Gross Leverage Hits All Time High As HFs Furiously Short Tech Stocks<blockquote>HFs 疯狂做空科技股，对冲基金总杠杆创历史新高</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nzerohedge2021-05-11 15:29\n\n</h4>\n</header>\n<article>\nHedge funds had another rough week according to Goldman's Prime Brokerage, with the GS Equity Fundamental L/S&nbsp; Performance Estimate falling -1.68% between 4/30 and 5/6 (vs MSCI World TR -0.33%), driven by alpha of -1.11% – the worst weekly alpha in two months – and to a lesser extent beta of -0.57% (from market exposure and the market sensitivity factor combined). As a result, global fundamental equity L/S hedge funds lost almost two-thirds of their YTD gains in just the past week, bringing their total YTD return to just 0.97% in what is setting up as another dismal year for the 2 and 20 crowd.<blockquote>根据高盛的主要经纪公司的数据，对冲基金又经历了艰难的一周，GS Equity基本面L/S业绩预期在4月30日至5月6日之间下跌了-1.68%（相对于摩根士丹利资本国际世界TR-0.33%），这是由-1.11%的alpha（两个月来最差的每周alpha）和-0.57%的贝塔（来自市场敞口和市场敏感性因素的结合）推动的。结果，全球基本面股票L/S对冲基金在过去一周就损失了近三分之二的年初至今收益，使其年初至今总回报率仅为0.97%，这对2岁和20岁的人群来说又是一个惨淡的一年。</blockquote><img src=\"https://static.tigerbbs.com/4c1d262955a001211ed92ecfceca5b3d\" tg-width=\"501\" tg-height=\"472\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>What is remarkable is just how sensitive to overall market beta the hedge fund space has become, and there is a reason for that: according to Goldman Prime,overall book Gross leverage rose +1.7 pts to 247.1%, the highest on record,while Net leverage fell -0.9 pts to 88.2% (not quite an all time high, but still 87th percentile).<blockquote>值得注意的是，对冲基金领域对整体市场贝塔值变得如此敏感，这是有原因的：根据高盛Prime的数据，整体账面总杠杆率上升 +1.7 个百分点至 247.1%，创历史新高，而净杠杆率下降-0.9个百分点至88.2%（虽然不是历史最高水平，但仍处于第87个百分位）。</blockquote><img src=\"https://static.tigerbbs.com/8e8665b4387577b4f2b41e5791e348b3\" tg-width=\"1087\" tg-height=\"487\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>Looking at the composition of hedge fund purchases,the overall GS Prime book was modestly net bought again in the past week(+0.15 SDs), driven by risk-on flows as long buys outpaced short sales. Specifically, single Names were net bought while Macro Products (Index and ETF combined) were net sold. North America and to a lesser extent Europe were net bought driven by long buys, while DM Asia and EM Asia were net sold driven by short sales. 8 of 11 global sectors were net bought led in $ terms by Consumer Disc, Health Care, Staples and Real Estate, while Info Tech, Materials, and Financials were net sold.<blockquote>从对冲基金购买的构成来看，过去一周，GS Prime book 的整体净购买量再次温和（+0.15 SDs），由风险流动驱动，因为多头买入超过了卖空。具体来说，单个名称被净买入，而宏观产品（指数和 ETF 合并）被净卖出。北美以及在较小程度上欧洲是由多头买入驱动的净买入，而DM Asia和EM Asia是由卖空驱动的净卖出。11个全球板块中有8个被净买入，以美元计算，其中消费光盘、医疗保健、必需品和房地产为首，而信息技术、材料和金融则被净卖出。</blockquote>Meanwhile, continuing the trend first observed last weekwhen we noted that hedge funds shorted tech sharesfor 9 of the previous 10 days, Goldman notes thatInfo Tech saw the largest net selling in nine months as managers reduced exposure for a third straight week.And in a surprise reversal to months of bullishness on IT, GS Prime points out that hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.<blockquote>与此同时，高盛继续上周首次观察到的趋势，当时我们注意到对冲基金在过去 10 天中有 9 天做空了科技股，高盛指出：由于经理们连续第三周减少敞口，信息技术行业出现了九个月来最大的净销售额。GS Prime 指出，对冲基金目前对跑输大盘信息科技股的看涨情绪出人意料地逆转，相对于 MSCI World，对冲基金的看涨情绪目前下跌了 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</blockquote>Some more details from the Goldman reports:<blockquote>高盛报告中的更多细节：</blockquote><ul><li>Info Tech, the worst performing sector this week,was also by far the most net sold sector on the GS Prime book driven by short sales outpacing long buys 7 to 1.</li><li>Info Tech stocks were net sold for a third straight week and saw the largest week/week $ net selling since last August (-1.6 SDs). Net trading flow diverged on a subsector level – Semis &amp; Semi Equip, Software, and Electronic Equip were the most net sold, while Comm Equip and IT Services were the most net bought.</li><li>Hedge funds are currently U/W Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.</li><li>From an industry group standpoint, hedge funds are still O/W Software &amp; Svcs by +4.7% (28th percentile) and U/W Semis &amp; Semi Equip and Tech Hardware by -1.6% (13th percentile) and -4.3% (18th percentile), respectively</li></ul><img src=\"https://static.tigerbbs.com/9fd6a23b77549f58ef41bd23b5de74c0\" tg-width=\"656\" tg-height=\"385\" referrerpolicy=\"no-referrer\">And while hedge funds shorted tech, the Goldman US Consumer Discretionary sector saw the largest net buying in three months driven by E-Commerce stocks. As a result, the GS Prime book is now O/W US Consumer Discretionary by +3.3% vs. the S&amp;P 500,which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.<blockquote><ul><li>信息技术是本周表现最差的板块，也是迄今为止 GS Prime book 净卖出最多的板块，其驱动力是卖空量以 7 比 1 超过多头买入。</li><li>信息科技股连续第三周净卖出，并出现自去年 8 月以来最大的周/周净卖出 (-1.6 SDs)。子行业层面的净交易流量有所不同——半成品和半设备、软件和电子设备是净卖出最多的，而通信设备和 IT 服务是净买入最多的。</li><li>与 MSCI World 相比，对冲基金目前持有信息科技股 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</li><li>从行业集团的角度来看，对冲基金仍然是O/W软件和SVC，增长了+4.7%（第28个百分位），U/W半设备和技术硬件分别增长了-1.6%（第13个百分位）和-4.3%（第18个百分位）</li></ul>尽管对冲基金做空科技股，但在电子商务股票的推动下，高盛美国非必需消费品行业出现了三个月来最大的净买入。因此，与标普500相比，GS Prime book 目前比美国非必需消费品上涨 +3.3%，与过去一年相比处于第 9 个百分位，与过去五年相比处于第 50 个百分位.</blockquote><ul><li>In $ terms, Consumer Discretionary was the most net bought US sector on the GS Prime book this week, driven by risk-on flows with long buys outpacing short sales 4 to 1.</li><li>The sector’s aggregate long/short ratio (MV) on the GS Prime book ended the week at 2.53, which is in the 2nd percentile vs. the past year and in the 77th percentile vs. the past five years. The GS Prime book is now O/W US Consumer Discretionary stocks by +3.3% vs. the S&amp;P 500, which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.</li></ul><img src=\"https://static.tigerbbs.com/f91bb2509f471f3239a9d3978a8a1581\" tg-width=\"656\" tg-height=\"383\" referrerpolicy=\"no-referrer\"><blockquote><ul><li>以美元计算，非必需消费品是本周 GS Prime book 上净买入最多的美国板块，受风险偏好资金的推动，多头买入数量超过卖空数量的 4 比 1。</li><li>GS Prime book 上该行业的总多空比率 (MV) 本周结束时为 2.53，与去年相比处于第 2 个百分位，与过去五年相比处于第 77 个百分位。与标普500相比，GS Prime book现在O/W美国非必需消费品库存+3.3%，与去年相比处于第9个百分位，与过去五年相比处于第50个百分位。</li></ul></blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.zerohedge.com/markets/hedge-fund-gross-leverage-hits-all-time-high-hfs-furiously-short-tech-stocks\">zerohedge</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","NDX":"纳斯达克100指数"},"source_url":"https://www.zerohedge.com/markets/hedge-fund-gross-leverage-hits-all-time-high-hfs-furiously-short-tech-stocks","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148549916","content_text":"Hedge funds had another rough week according to Goldman's Prime Brokerage, with the GS Equity Fundamental L/S  Performance Estimate falling -1.68% between 4/30 and 5/6 (vs MSCI World TR -0.33%), driven by alpha of -1.11% – the worst weekly alpha in two months – and to a lesser extent beta of -0.57% (from market exposure and the market sensitivity factor combined). As a result, global fundamental equity L/S hedge funds lost almost two-thirds of their YTD gains in just the past week, bringing their total YTD return to just 0.97% in what is setting up as another dismal year for the 2 and 20 crowd.What is remarkable is just how sensitive to overall market beta the hedge fund space has become, and there is a reason for that: according to Goldman Prime,overall book Gross leverage rose +1.7 pts to 247.1%, the highest on record,while Net leverage fell -0.9 pts to 88.2% (not quite an all time high, but still 87th percentile).Looking at the composition of hedge fund purchases,the overall GS Prime book was modestly net bought again in the past week(+0.15 SDs), driven by risk-on flows as long buys outpaced short sales. Specifically, single Names were net bought while Macro Products (Index and ETF combined) were net sold. North America and to a lesser extent Europe were net bought driven by long buys, while DM Asia and EM Asia were net sold driven by short sales. 8 of 11 global sectors were net bought led in $ terms by Consumer Disc, Health Care, Staples and Real Estate, while Info Tech, Materials, and Financials were net sold.Meanwhile, continuing the trend first observed last weekwhen we noted that hedge funds shorted tech sharesfor 9 of the previous 10 days, Goldman notes thatInfo Tech saw the largest net selling in nine months as managers reduced exposure for a third straight week.And in a surprise reversal to months of bullishness on IT, GS Prime points out that hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.Some more details from the Goldman reports:Info Tech, the worst performing sector this week,was also by far the most net sold sector on the GS Prime book driven by short sales outpacing long buys 7 to 1.Info Tech stocks were net sold for a third straight week and saw the largest week/week $ net selling since last August (-1.6 SDs). Net trading flow diverged on a subsector level – Semis & Semi Equip, Software, and Electronic Equip were the most net sold, while Comm Equip and IT Services were the most net bought.Hedge funds are currently U/W Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.From an industry group standpoint, hedge funds are still O/W Software & Svcs by +4.7% (28th percentile) and U/W Semis & Semi Equip and Tech Hardware by -1.6% (13th percentile) and -4.3% (18th percentile), respectivelyAnd while hedge funds shorted tech, the Goldman US Consumer Discretionary sector saw the largest net buying in three months driven by E-Commerce stocks. As a result, the GS Prime book is now O/W US Consumer Discretionary by +3.3% vs. the S&P 500,which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.In $ terms, Consumer Discretionary was the most net bought US sector on the GS Prime book this week, driven by risk-on flows with long buys outpacing short sales 4 to 1.The sector’s aggregate long/short ratio (MV) on the GS Prime book ended the week at 2.53, which is in the 2nd percentile vs. the past year and in the 77th percentile vs. the past five years. The GS Prime book is now O/W US Consumer Discretionary stocks by +3.3% vs. the S&P 500, which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.","news_type":1,"symbols_score_info":{".IXIC":0.9,"NDX":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4296418,"gmtCreate":1620776123458,"gmtModify":1635497680053,"authorId":3580552395512517,"author":{"id":3580552395512517,"idStr":"3580552395512517","authorId":3580552395512517,"name":"SLYong","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":193139355,"type":1,"supId":0,"prevId":0,"content":"Reply pls","text":"Reply pls","html":"Reply pls"},{"id":4296453,"gmtCreate":1620776242529,"gmtModify":1635497677763,"authorId":3581823222182692,"author":{"id":3581823222182692,"idStr":"3581823222182692","authorId":3581823222182692,"name":"40c9acb5","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":193139355,"type":1,"supId":4296418,"prevId":0,"content":"Done","text":"Done","html":"Done"}],"langContent":"EN"},{"id":193195023,"gmtCreate":1620773846162,"gmtModify":1634196511986,"author":{"id":"3575848243295753","authorId":"3575848243295753","name":"62dac398","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","vip":1,"crmLevel":4,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"3575848243295753","authorIdStr":"3575848243295753"},"htmlText":"Is there a data point on how much of invedtment&nbsp;on markets is leveraged?&nbsp;","listText":"Is there a data point on how much of invedtment&nbsp;on markets is leveraged?&nbsp;","text":"Is there a data point on how much of invedtment on markets is leveraged?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/193195023","repostId":1148549916,"repostType":4,"repost":{"id":"1148549916","kind":"news","pubTimestamp":1620718159,"share":"https://www.laohunote.com/m/news/1148549916?lang=zh_CN&edition=full","pubTime":"2021-05-11 15:29","market":"us","language":"en","title":"Hedge Fund Gross Leverage Hits All Time High As HFs Furiously Short Tech Stocks<blockquote>HFs 疯狂做空科技股，对冲基金总杠杆创历史新高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1148549916","media":"zerohedge","summary":"Hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World, the lowest level since last November and in the 3rd percentile vs. the past five years.","content":"Hedge funds had another rough week according to Goldman's Prime Brokerage, with the GS Equity Fundamental L/S&nbsp; Performance Estimate falling -1.68% between 4/30 and 5/6 (vs MSCI World TR -0.33%), driven by alpha of -1.11% – the worst weekly alpha in two months – and to a lesser extent beta of -0.57% (from market exposure and the market sensitivity factor combined). As a result, global fundamental equity L/S hedge funds lost almost two-thirds of their YTD gains in just the past week, bringing their total YTD return to just 0.97% in what is setting up as another dismal year for the 2 and 20 crowd.<blockquote>根据高盛的主要经纪公司的数据，对冲基金又经历了艰难的一周，GS Equity基本面L/S业绩预期在4月30日至5月6日之间下跌了-1.68%（相对于摩根士丹利资本国际世界TR-0.33%），这是由-1.11%的alpha（两个月来最差的每周alpha）和-0.57%的贝塔（来自市场敞口和市场敏感性因素的结合）推动的。结果，全球基本面股票L/S对冲基金在过去一周就损失了近三分之二的年初至今收益，使其年初至今总回报率仅为0.97%，这对2岁和20岁的人群来说又是一个惨淡的一年。</blockquote><img src=\"https://static.tigerbbs.com/4c1d262955a001211ed92ecfceca5b3d\" tg-width=\"501\" tg-height=\"472\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>What is remarkable is just how sensitive to overall market beta the hedge fund space has become, and there is a reason for that: according to Goldman Prime,overall book Gross leverage rose +1.7 pts to 247.1%, the highest on record,while Net leverage fell -0.9 pts to 88.2% (not quite an all time high, but still 87th percentile).<blockquote>值得注意的是，对冲基金领域对整体市场贝塔值变得如此敏感，这是有原因的：根据高盛Prime的数据，整体账面总杠杆率上升 +1.7 个百分点至 247.1%，创历史新高，而净杠杆率下降-0.9个百分点至88.2%（虽然不是历史最高水平，但仍处于第87个百分位）。</blockquote><img src=\"https://static.tigerbbs.com/8e8665b4387577b4f2b41e5791e348b3\" tg-width=\"1087\" tg-height=\"487\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>Looking at the composition of hedge fund purchases,the overall GS Prime book was modestly net bought again in the past week(+0.15 SDs), driven by risk-on flows as long buys outpaced short sales. Specifically, single Names were net bought while Macro Products (Index and ETF combined) were net sold. North America and to a lesser extent Europe were net bought driven by long buys, while DM Asia and EM Asia were net sold driven by short sales. 8 of 11 global sectors were net bought led in $ terms by Consumer Disc, Health Care, Staples and Real Estate, while Info Tech, Materials, and Financials were net sold.<blockquote>从对冲基金购买的构成来看，过去一周，GS Prime book 的整体净购买量再次温和（+0.15 SDs），由风险流动驱动，因为多头买入超过了卖空。具体来说，单个名称被净买入，而宏观产品（指数和 ETF 合并）被净卖出。北美以及在较小程度上欧洲是由多头买入驱动的净买入，而DM Asia和EM Asia是由卖空驱动的净卖出。11个全球板块中有8个被净买入，以美元计算，其中消费光盘、医疗保健、必需品和房地产为首，而信息技术、材料和金融则被净卖出。</blockquote>Meanwhile, continuing the trend first observed last weekwhen we noted that hedge funds shorted tech sharesfor 9 of the previous 10 days, Goldman notes thatInfo Tech saw the largest net selling in nine months as managers reduced exposure for a third straight week.And in a surprise reversal to months of bullishness on IT, GS Prime points out that hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.<blockquote>与此同时，高盛继续上周首次观察到的趋势，当时我们注意到对冲基金在过去 10 天中有 9 天做空了科技股，高盛指出：由于经理们连续第三周减少敞口，信息技术行业出现了九个月来最大的净销售额。GS Prime 指出，对冲基金目前对跑输大盘信息科技股的看涨情绪出人意料地逆转，相对于 MSCI World，对冲基金的看涨情绪目前下跌了 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</blockquote>Some more details from the Goldman reports:<blockquote>高盛报告中的更多细节：</blockquote><ul><li>Info Tech, the worst performing sector this week,was also by far the most net sold sector on the GS Prime book driven by short sales outpacing long buys 7 to 1.</li><li>Info Tech stocks were net sold for a third straight week and saw the largest week/week $ net selling since last August (-1.6 SDs). Net trading flow diverged on a subsector level – Semis &amp; Semi Equip, Software, and Electronic Equip were the most net sold, while Comm Equip and IT Services were the most net bought.</li><li>Hedge funds are currently U/W Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.</li><li>From an industry group standpoint, hedge funds are still O/W Software &amp; Svcs by +4.7% (28th percentile) and U/W Semis &amp; Semi Equip and Tech Hardware by -1.6% (13th percentile) and -4.3% (18th percentile), respectively</li></ul><img src=\"https://static.tigerbbs.com/9fd6a23b77549f58ef41bd23b5de74c0\" tg-width=\"656\" tg-height=\"385\" referrerpolicy=\"no-referrer\">And while hedge funds shorted tech, the Goldman US Consumer Discretionary sector saw the largest net buying in three months driven by E-Commerce stocks. As a result, the GS Prime book is now O/W US Consumer Discretionary by +3.3% vs. the S&amp;P 500,which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.<blockquote><ul><li>信息技术是本周表现最差的板块，也是迄今为止 GS Prime book 净卖出最多的板块，其驱动力是卖空量以 7 比 1 超过多头买入。</li><li>信息科技股连续第三周净卖出，并出现自去年 8 月以来最大的周/周净卖出 (-1.6 SDs)。子行业层面的净交易流量有所不同——半成品和半设备、软件和电子设备是净卖出最多的，而通信设备和 IT 服务是净买入最多的。</li><li>与 MSCI World 相比，对冲基金目前持有信息科技股 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</li><li>从行业集团的角度来看，对冲基金仍然是O/W软件和SVC，增长了+4.7%（第28个百分位），U/W半设备和技术硬件分别增长了-1.6%（第13个百分位）和-4.3%（第18个百分位）</li></ul>尽管对冲基金做空科技股，但在电子商务股票的推动下，高盛美国非必需消费品行业出现了三个月来最大的净买入。因此，与标普500相比，GS Prime book 目前比美国非必需消费品上涨 +3.3%，与过去一年相比处于第 9 个百分位，与过去五年相比处于第 50 个百分位.</blockquote><ul><li>In $ terms, Consumer Discretionary was the most net bought US sector on the GS Prime book this week, driven by risk-on flows with long buys outpacing short sales 4 to 1.</li><li>The sector’s aggregate long/short ratio (MV) on the GS Prime book ended the week at 2.53, which is in the 2nd percentile vs. the past year and in the 77th percentile vs. the past five years. The GS Prime book is now O/W US Consumer Discretionary stocks by +3.3% vs. the S&amp;P 500, which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.</li></ul><img src=\"https://static.tigerbbs.com/f91bb2509f471f3239a9d3978a8a1581\" tg-width=\"656\" tg-height=\"383\" referrerpolicy=\"no-referrer\"><blockquote><ul><li>以美元计算，非必需消费品是本周 GS Prime book 上净买入最多的美国板块，受风险偏好资金的推动，多头买入数量超过卖空数量的 4 比 1。</li><li>GS Prime book 上该行业的总多空比率 (MV) 本周结束时为 2.53，与去年相比处于第 2 个百分位，与过去五年相比处于第 77 个百分位。与标普500相比，GS Prime book现在O/W美国非必需消费品库存+3.3%，与去年相比处于第9个百分位，与过去五年相比处于第50个百分位。</li></ul></blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hedge Fund Gross Leverage Hits All Time High As HFs Furiously Short Tech Stocks<blockquote>HFs 疯狂做空科技股，对冲基金总杠杆创历史新高</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHedge Fund Gross Leverage Hits All Time High As HFs Furiously Short Tech Stocks<blockquote>HFs 疯狂做空科技股，对冲基金总杠杆创历史新高</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nzerohedge2021-05-11 15:29\n\n</h4>\n</header>\n<article>\nHedge funds had another rough week according to Goldman's Prime Brokerage, with the GS Equity Fundamental L/S&nbsp; Performance Estimate falling -1.68% between 4/30 and 5/6 (vs MSCI World TR -0.33%), driven by alpha of -1.11% – the worst weekly alpha in two months – and to a lesser extent beta of -0.57% (from market exposure and the market sensitivity factor combined). As a result, global fundamental equity L/S hedge funds lost almost two-thirds of their YTD gains in just the past week, bringing their total YTD return to just 0.97% in what is setting up as another dismal year for the 2 and 20 crowd.<blockquote>根据高盛的主要经纪公司的数据，对冲基金又经历了艰难的一周，GS Equity基本面L/S业绩预期在4月30日至5月6日之间下跌了-1.68%（相对于摩根士丹利资本国际世界TR-0.33%），这是由-1.11%的alpha（两个月来最差的每周alpha）和-0.57%的贝塔（来自市场敞口和市场敏感性因素的结合）推动的。结果，全球基本面股票L/S对冲基金在过去一周就损失了近三分之二的年初至今收益，使其年初至今总回报率仅为0.97%，这对2岁和20岁的人群来说又是一个惨淡的一年。</blockquote><img src=\"https://static.tigerbbs.com/4c1d262955a001211ed92ecfceca5b3d\" tg-width=\"501\" tg-height=\"472\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>What is remarkable is just how sensitive to overall market beta the hedge fund space has become, and there is a reason for that: according to Goldman Prime,overall book Gross leverage rose +1.7 pts to 247.1%, the highest on record,while Net leverage fell -0.9 pts to 88.2% (not quite an all time high, but still 87th percentile).<blockquote>值得注意的是，对冲基金领域对整体市场贝塔值变得如此敏感，这是有原因的：根据高盛Prime的数据，整体账面总杠杆率上升 +1.7 个百分点至 247.1%，创历史新高，而净杠杆率下降-0.9个百分点至88.2%（虽然不是历史最高水平，但仍处于第87个百分位）。</blockquote><img src=\"https://static.tigerbbs.com/8e8665b4387577b4f2b41e5791e348b3\" tg-width=\"1087\" tg-height=\"487\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>Looking at the composition of hedge fund purchases,the overall GS Prime book was modestly net bought again in the past week(+0.15 SDs), driven by risk-on flows as long buys outpaced short sales. Specifically, single Names were net bought while Macro Products (Index and ETF combined) were net sold. North America and to a lesser extent Europe were net bought driven by long buys, while DM Asia and EM Asia were net sold driven by short sales. 8 of 11 global sectors were net bought led in $ terms by Consumer Disc, Health Care, Staples and Real Estate, while Info Tech, Materials, and Financials were net sold.<blockquote>从对冲基金购买的构成来看，过去一周，GS Prime book 的整体净购买量再次温和（+0.15 SDs），由风险流动驱动，因为多头买入超过了卖空。具体来说，单个名称被净买入，而宏观产品（指数和 ETF 合并）被净卖出。北美以及在较小程度上欧洲是由多头买入驱动的净买入，而DM Asia和EM Asia是由卖空驱动的净卖出。11个全球板块中有8个被净买入，以美元计算，其中消费光盘、医疗保健、必需品和房地产为首，而信息技术、材料和金融则被净卖出。</blockquote>Meanwhile, continuing the trend first observed last weekwhen we noted that hedge funds shorted tech sharesfor 9 of the previous 10 days, Goldman notes thatInfo Tech saw the largest net selling in nine months as managers reduced exposure for a third straight week.And in a surprise reversal to months of bullishness on IT, GS Prime points out that hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.<blockquote>与此同时，高盛继续上周首次观察到的趋势，当时我们注意到对冲基金在过去 10 天中有 9 天做空了科技股，高盛指出：由于经理们连续第三周减少敞口，信息技术行业出现了九个月来最大的净销售额。GS Prime 指出，对冲基金目前对跑输大盘信息科技股的看涨情绪出人意料地逆转，相对于 MSCI World，对冲基金的看涨情绪目前下跌了 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</blockquote>Some more details from the Goldman reports:<blockquote>高盛报告中的更多细节：</blockquote><ul><li>Info Tech, the worst performing sector this week,was also by far the most net sold sector on the GS Prime book driven by short sales outpacing long buys 7 to 1.</li><li>Info Tech stocks were net sold for a third straight week and saw the largest week/week $ net selling since last August (-1.6 SDs). Net trading flow diverged on a subsector level – Semis &amp; Semi Equip, Software, and Electronic Equip were the most net sold, while Comm Equip and IT Services were the most net bought.</li><li>Hedge funds are currently U/W Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.</li><li>From an industry group standpoint, hedge funds are still O/W Software &amp; Svcs by +4.7% (28th percentile) and U/W Semis &amp; Semi Equip and Tech Hardware by -1.6% (13th percentile) and -4.3% (18th percentile), respectively</li></ul><img src=\"https://static.tigerbbs.com/9fd6a23b77549f58ef41bd23b5de74c0\" tg-width=\"656\" tg-height=\"385\" referrerpolicy=\"no-referrer\">And while hedge funds shorted tech, the Goldman US Consumer Discretionary sector saw the largest net buying in three months driven by E-Commerce stocks. As a result, the GS Prime book is now O/W US Consumer Discretionary by +3.3% vs. the S&amp;P 500,which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.<blockquote><ul><li>信息技术是本周表现最差的板块，也是迄今为止 GS Prime book 净卖出最多的板块，其驱动力是卖空量以 7 比 1 超过多头买入。</li><li>信息科技股连续第三周净卖出，并出现自去年 8 月以来最大的周/周净卖出 (-1.6 SDs)。子行业层面的净交易流量有所不同——半成品和半设备、软件和电子设备是净卖出最多的，而通信设备和 IT 服务是净买入最多的。</li><li>与 MSCI World 相比，对冲基金目前持有信息科技股 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</li><li>从行业集团的角度来看，对冲基金仍然是O/W软件和SVC，增长了+4.7%（第28个百分位），U/W半设备和技术硬件分别增长了-1.6%（第13个百分位）和-4.3%（第18个百分位）</li></ul>尽管对冲基金做空科技股，但在电子商务股票的推动下，高盛美国非必需消费品行业出现了三个月来最大的净买入。因此，与标普500相比，GS Prime book 目前比美国非必需消费品上涨 +3.3%，与过去一年相比处于第 9 个百分位，与过去五年相比处于第 50 个百分位.</blockquote><ul><li>In $ terms, Consumer Discretionary was the most net bought US sector on the GS Prime book this week, driven by risk-on flows with long buys outpacing short sales 4 to 1.</li><li>The sector’s aggregate long/short ratio (MV) on the GS Prime book ended the week at 2.53, which is in the 2nd percentile vs. the past year and in the 77th percentile vs. the past five years. The GS Prime book is now O/W US Consumer Discretionary stocks by +3.3% vs. the S&amp;P 500, which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.</li></ul><img src=\"https://static.tigerbbs.com/f91bb2509f471f3239a9d3978a8a1581\" tg-width=\"656\" tg-height=\"383\" referrerpolicy=\"no-referrer\"><blockquote><ul><li>以美元计算，非必需消费品是本周 GS Prime book 上净买入最多的美国板块，受风险偏好资金的推动，多头买入数量超过卖空数量的 4 比 1。</li><li>GS Prime book 上该行业的总多空比率 (MV) 本周结束时为 2.53，与去年相比处于第 2 个百分位，与过去五年相比处于第 77 个百分位。与标普500相比，GS Prime book现在O/W美国非必需消费品库存+3.3%，与去年相比处于第9个百分位，与过去五年相比处于第50个百分位。</li></ul></blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.zerohedge.com/markets/hedge-fund-gross-leverage-hits-all-time-high-hfs-furiously-short-tech-stocks\">zerohedge</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","NDX":"纳斯达克100指数"},"source_url":"https://www.zerohedge.com/markets/hedge-fund-gross-leverage-hits-all-time-high-hfs-furiously-short-tech-stocks","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148549916","content_text":"Hedge funds had another rough week according to Goldman's Prime Brokerage, with the GS Equity Fundamental L/S  Performance Estimate falling -1.68% between 4/30 and 5/6 (vs MSCI World TR -0.33%), driven by alpha of -1.11% – the worst weekly alpha in two months – and to a lesser extent beta of -0.57% (from market exposure and the market sensitivity factor combined). As a result, global fundamental equity L/S hedge funds lost almost two-thirds of their YTD gains in just the past week, bringing their total YTD return to just 0.97% in what is setting up as another dismal year for the 2 and 20 crowd.What is remarkable is just how sensitive to overall market beta the hedge fund space has become, and there is a reason for that: according to Goldman Prime,overall book Gross leverage rose +1.7 pts to 247.1%, the highest on record,while Net leverage fell -0.9 pts to 88.2% (not quite an all time high, but still 87th percentile).Looking at the composition of hedge fund purchases,the overall GS Prime book was modestly net bought again in the past week(+0.15 SDs), driven by risk-on flows as long buys outpaced short sales. Specifically, single Names were net bought while Macro Products (Index and ETF combined) were net sold. North America and to a lesser extent Europe were net bought driven by long buys, while DM Asia and EM Asia were net sold driven by short sales. 8 of 11 global sectors were net bought led in $ terms by Consumer Disc, Health Care, Staples and Real Estate, while Info Tech, Materials, and Financials were net sold.Meanwhile, continuing the trend first observed last weekwhen we noted that hedge funds shorted tech sharesfor 9 of the previous 10 days, Goldman notes thatInfo Tech saw the largest net selling in nine months as managers reduced exposure for a third straight week.And in a surprise reversal to months of bullishness on IT, GS Prime points out that hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.Some more details from the Goldman reports:Info Tech, the worst performing sector this week,was also by far the most net sold sector on the GS Prime book driven by short sales outpacing long buys 7 to 1.Info Tech stocks were net sold for a third straight week and saw the largest week/week $ net selling since last August (-1.6 SDs). Net trading flow diverged on a subsector level – Semis & Semi Equip, Software, and Electronic Equip were the most net sold, while Comm Equip and IT Services were the most net bought.Hedge funds are currently U/W Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.From an industry group standpoint, hedge funds are still O/W Software & Svcs by +4.7% (28th percentile) and U/W Semis & Semi Equip and Tech Hardware by -1.6% (13th percentile) and -4.3% (18th percentile), respectivelyAnd while hedge funds shorted tech, the Goldman US Consumer Discretionary sector saw the largest net buying in three months driven by E-Commerce stocks. As a result, the GS Prime book is now O/W US Consumer Discretionary by +3.3% vs. the S&P 500,which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.In $ terms, Consumer Discretionary was the most net bought US sector on the GS Prime book this week, driven by risk-on flows with long buys outpacing short sales 4 to 1.The sector’s aggregate long/short ratio (MV) on the GS Prime book ended the week at 2.53, which is in the 2nd percentile vs. the past year and in the 77th percentile vs. the past five years. The GS Prime book is now O/W US Consumer Discretionary stocks by +3.3% vs. the S&P 500, which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.","news_type":1,"symbols_score_info":{".IXIC":0.9,"NDX":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":193192802,"gmtCreate":1620773804106,"gmtModify":1634196512467,"author":{"id":"3574244375315958","authorId":"3574244375315958","name":"Jassss","avatar":"https://static.tigerbbs.com/a1a74261bc0d795b37c8c963ee5393f0","vip":1,"crmLevel":11,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"3574244375315958","authorIdStr":"3574244375315958"},"htmlText":"Like and comment pls&nbsp;","listText":"Like and comment pls&nbsp;","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/193192802","repostId":1148549916,"repostType":4,"repost":{"id":"1148549916","kind":"news","pubTimestamp":1620718159,"share":"https://www.laohunote.com/m/news/1148549916?lang=zh_CN&edition=full","pubTime":"2021-05-11 15:29","market":"us","language":"en","title":"Hedge Fund Gross Leverage Hits All Time High As HFs Furiously Short Tech Stocks<blockquote>HFs 疯狂做空科技股，对冲基金总杠杆创历史新高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1148549916","media":"zerohedge","summary":"Hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World, the lowest level since last November and in the 3rd percentile vs. the past five years.","content":"Hedge funds had another rough week according to Goldman's Prime Brokerage, with the GS Equity Fundamental L/S&nbsp; Performance Estimate falling -1.68% between 4/30 and 5/6 (vs MSCI World TR -0.33%), driven by alpha of -1.11% – the worst weekly alpha in two months – and to a lesser extent beta of -0.57% (from market exposure and the market sensitivity factor combined). As a result, global fundamental equity L/S hedge funds lost almost two-thirds of their YTD gains in just the past week, bringing their total YTD return to just 0.97% in what is setting up as another dismal year for the 2 and 20 crowd.<blockquote>根据高盛的主要经纪公司的数据，对冲基金又经历了艰难的一周，GS Equity基本面L/S业绩预期在4月30日至5月6日之间下跌了-1.68%（相对于摩根士丹利资本国际世界TR-0.33%），这是由-1.11%的alpha（两个月来最差的每周alpha）和-0.57%的贝塔（来自市场敞口和市场敏感性因素的结合）推动的。结果，全球基本面股票L/S对冲基金在过去一周就损失了近三分之二的年初至今收益，使其年初至今总回报率仅为0.97%，这对2岁和20岁的人群来说又是一个惨淡的一年。</blockquote><img src=\"https://static.tigerbbs.com/4c1d262955a001211ed92ecfceca5b3d\" tg-width=\"501\" tg-height=\"472\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>What is remarkable is just how sensitive to overall market beta the hedge fund space has become, and there is a reason for that: according to Goldman Prime,overall book Gross leverage rose +1.7 pts to 247.1%, the highest on record,while Net leverage fell -0.9 pts to 88.2% (not quite an all time high, but still 87th percentile).<blockquote>值得注意的是，对冲基金领域对整体市场贝塔值变得如此敏感，这是有原因的：根据高盛Prime的数据，整体账面总杠杆率上升 +1.7 个百分点至 247.1%，创历史新高，而净杠杆率下降-0.9个百分点至88.2%（虽然不是历史最高水平，但仍处于第87个百分位）。</blockquote><img src=\"https://static.tigerbbs.com/8e8665b4387577b4f2b41e5791e348b3\" tg-width=\"1087\" tg-height=\"487\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>Looking at the composition of hedge fund purchases,the overall GS Prime book was modestly net bought again in the past week(+0.15 SDs), driven by risk-on flows as long buys outpaced short sales. Specifically, single Names were net bought while Macro Products (Index and ETF combined) were net sold. North America and to a lesser extent Europe were net bought driven by long buys, while DM Asia and EM Asia were net sold driven by short sales. 8 of 11 global sectors were net bought led in $ terms by Consumer Disc, Health Care, Staples and Real Estate, while Info Tech, Materials, and Financials were net sold.<blockquote>从对冲基金购买的构成来看，过去一周，GS Prime book 的整体净购买量再次温和（+0.15 SDs），由风险流动驱动，因为多头买入超过了卖空。具体来说，单个名称被净买入，而宏观产品（指数和 ETF 合并）被净卖出。北美以及在较小程度上欧洲是由多头买入驱动的净买入，而DM Asia和EM Asia是由卖空驱动的净卖出。11个全球板块中有8个被净买入，以美元计算，其中消费光盘、医疗保健、必需品和房地产为首，而信息技术、材料和金融则被净卖出。</blockquote>Meanwhile, continuing the trend first observed last weekwhen we noted that hedge funds shorted tech sharesfor 9 of the previous 10 days, Goldman notes thatInfo Tech saw the largest net selling in nine months as managers reduced exposure for a third straight week.And in a surprise reversal to months of bullishness on IT, GS Prime points out that hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.<blockquote>与此同时，高盛继续上周首次观察到的趋势，当时我们注意到对冲基金在过去 10 天中有 9 天做空了科技股，高盛指出：由于经理们连续第三周减少敞口，信息技术行业出现了九个月来最大的净销售额。GS Prime 指出，对冲基金目前对跑输大盘信息科技股的看涨情绪出人意料地逆转，相对于 MSCI World，对冲基金的看涨情绪目前下跌了 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</blockquote>Some more details from the Goldman reports:<blockquote>高盛报告中的更多细节：</blockquote><ul><li>Info Tech, the worst performing sector this week,was also by far the most net sold sector on the GS Prime book driven by short sales outpacing long buys 7 to 1.</li><li>Info Tech stocks were net sold for a third straight week and saw the largest week/week $ net selling since last August (-1.6 SDs). Net trading flow diverged on a subsector level – Semis &amp; Semi Equip, Software, and Electronic Equip were the most net sold, while Comm Equip and IT Services were the most net bought.</li><li>Hedge funds are currently U/W Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.</li><li>From an industry group standpoint, hedge funds are still O/W Software &amp; Svcs by +4.7% (28th percentile) and U/W Semis &amp; Semi Equip and Tech Hardware by -1.6% (13th percentile) and -4.3% (18th percentile), respectively</li></ul><img src=\"https://static.tigerbbs.com/9fd6a23b77549f58ef41bd23b5de74c0\" tg-width=\"656\" tg-height=\"385\" referrerpolicy=\"no-referrer\">And while hedge funds shorted tech, the Goldman US Consumer Discretionary sector saw the largest net buying in three months driven by E-Commerce stocks. As a result, the GS Prime book is now O/W US Consumer Discretionary by +3.3% vs. the S&amp;P 500,which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.<blockquote><ul><li>信息技术是本周表现最差的板块，也是迄今为止 GS Prime book 净卖出最多的板块，其驱动力是卖空量以 7 比 1 超过多头买入。</li><li>信息科技股连续第三周净卖出，并出现自去年 8 月以来最大的周/周净卖出 (-1.6 SDs)。子行业层面的净交易流量有所不同——半成品和半设备、软件和电子设备是净卖出最多的，而通信设备和 IT 服务是净买入最多的。</li><li>与 MSCI World 相比，对冲基金目前持有信息科技股 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</li><li>从行业集团的角度来看，对冲基金仍然是O/W软件和SVC，增长了+4.7%（第28个百分位），U/W半设备和技术硬件分别增长了-1.6%（第13个百分位）和-4.3%（第18个百分位）</li></ul>尽管对冲基金做空科技股，但在电子商务股票的推动下，高盛美国非必需消费品行业出现了三个月来最大的净买入。因此，与标普500相比，GS Prime book 目前比美国非必需消费品上涨 +3.3%，与过去一年相比处于第 9 个百分位，与过去五年相比处于第 50 个百分位.</blockquote><ul><li>In $ terms, Consumer Discretionary was the most net bought US sector on the GS Prime book this week, driven by risk-on flows with long buys outpacing short sales 4 to 1.</li><li>The sector’s aggregate long/short ratio (MV) on the GS Prime book ended the week at 2.53, which is in the 2nd percentile vs. the past year and in the 77th percentile vs. the past five years. The GS Prime book is now O/W US Consumer Discretionary stocks by +3.3% vs. the S&amp;P 500, which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.</li></ul><img src=\"https://static.tigerbbs.com/f91bb2509f471f3239a9d3978a8a1581\" tg-width=\"656\" tg-height=\"383\" referrerpolicy=\"no-referrer\"><blockquote><ul><li>以美元计算，非必需消费品是本周 GS Prime book 上净买入最多的美国板块，受风险偏好资金的推动，多头买入数量超过卖空数量的 4 比 1。</li><li>GS Prime book 上该行业的总多空比率 (MV) 本周结束时为 2.53，与去年相比处于第 2 个百分位，与过去五年相比处于第 77 个百分位。与标普500相比，GS Prime book现在O/W美国非必需消费品库存+3.3%，与去年相比处于第9个百分位，与过去五年相比处于第50个百分位。</li></ul></blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hedge Fund Gross Leverage Hits All Time High As HFs Furiously Short Tech Stocks<blockquote>HFs 疯狂做空科技股，对冲基金总杠杆创历史新高</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHedge Fund Gross Leverage Hits All Time High As HFs Furiously Short Tech Stocks<blockquote>HFs 疯狂做空科技股，对冲基金总杠杆创历史新高</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nzerohedge2021-05-11 15:29\n\n</h4>\n</header>\n<article>\nHedge funds had another rough week according to Goldman's Prime Brokerage, with the GS Equity Fundamental L/S&nbsp; Performance Estimate falling -1.68% between 4/30 and 5/6 (vs MSCI World TR -0.33%), driven by alpha of -1.11% – the worst weekly alpha in two months – and to a lesser extent beta of -0.57% (from market exposure and the market sensitivity factor combined). As a result, global fundamental equity L/S hedge funds lost almost two-thirds of their YTD gains in just the past week, bringing their total YTD return to just 0.97% in what is setting up as another dismal year for the 2 and 20 crowd.<blockquote>根据高盛的主要经纪公司的数据，对冲基金又经历了艰难的一周，GS Equity基本面L/S业绩预期在4月30日至5月6日之间下跌了-1.68%（相对于摩根士丹利资本国际世界TR-0.33%），这是由-1.11%的alpha（两个月来最差的每周alpha）和-0.57%的贝塔（来自市场敞口和市场敏感性因素的结合）推动的。结果，全球基本面股票L/S对冲基金在过去一周就损失了近三分之二的年初至今收益，使其年初至今总回报率仅为0.97%，这对2岁和20岁的人群来说又是一个惨淡的一年。</blockquote><img src=\"https://static.tigerbbs.com/4c1d262955a001211ed92ecfceca5b3d\" tg-width=\"501\" tg-height=\"472\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>What is remarkable is just how sensitive to overall market beta the hedge fund space has become, and there is a reason for that: according to Goldman Prime,overall book Gross leverage rose +1.7 pts to 247.1%, the highest on record,while Net leverage fell -0.9 pts to 88.2% (not quite an all time high, but still 87th percentile).<blockquote>值得注意的是，对冲基金领域对整体市场贝塔值变得如此敏感，这是有原因的：根据高盛Prime的数据，整体账面总杠杆率上升 +1.7 个百分点至 247.1%，创历史新高，而净杠杆率下降-0.9个百分点至88.2%（虽然不是历史最高水平，但仍处于第87个百分位）。</blockquote><img src=\"https://static.tigerbbs.com/8e8665b4387577b4f2b41e5791e348b3\" tg-width=\"1087\" tg-height=\"487\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>Looking at the composition of hedge fund purchases,the overall GS Prime book was modestly net bought again in the past week(+0.15 SDs), driven by risk-on flows as long buys outpaced short sales. Specifically, single Names were net bought while Macro Products (Index and ETF combined) were net sold. North America and to a lesser extent Europe were net bought driven by long buys, while DM Asia and EM Asia were net sold driven by short sales. 8 of 11 global sectors were net bought led in $ terms by Consumer Disc, Health Care, Staples and Real Estate, while Info Tech, Materials, and Financials were net sold.<blockquote>从对冲基金购买的构成来看，过去一周，GS Prime book 的整体净购买量再次温和（+0.15 SDs），由风险流动驱动，因为多头买入超过了卖空。具体来说，单个名称被净买入，而宏观产品（指数和 ETF 合并）被净卖出。北美以及在较小程度上欧洲是由多头买入驱动的净买入，而DM Asia和EM Asia是由卖空驱动的净卖出。11个全球板块中有8个被净买入，以美元计算，其中消费光盘、医疗保健、必需品和房地产为首，而信息技术、材料和金融则被净卖出。</blockquote>Meanwhile, continuing the trend first observed last weekwhen we noted that hedge funds shorted tech sharesfor 9 of the previous 10 days, Goldman notes thatInfo Tech saw the largest net selling in nine months as managers reduced exposure for a third straight week.And in a surprise reversal to months of bullishness on IT, GS Prime points out that hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.<blockquote>与此同时，高盛继续上周首次观察到的趋势，当时我们注意到对冲基金在过去 10 天中有 9 天做空了科技股，高盛指出：由于经理们连续第三周减少敞口，信息技术行业出现了九个月来最大的净销售额。GS Prime 指出，对冲基金目前对跑输大盘信息科技股的看涨情绪出人意料地逆转，相对于 MSCI World，对冲基金的看涨情绪目前下跌了 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</blockquote>Some more details from the Goldman reports:<blockquote>高盛报告中的更多细节：</blockquote><ul><li>Info Tech, the worst performing sector this week,was also by far the most net sold sector on the GS Prime book driven by short sales outpacing long buys 7 to 1.</li><li>Info Tech stocks were net sold for a third straight week and saw the largest week/week $ net selling since last August (-1.6 SDs). Net trading flow diverged on a subsector level – Semis &amp; Semi Equip, Software, and Electronic Equip were the most net sold, while Comm Equip and IT Services were the most net bought.</li><li>Hedge funds are currently U/W Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.</li><li>From an industry group standpoint, hedge funds are still O/W Software &amp; Svcs by +4.7% (28th percentile) and U/W Semis &amp; Semi Equip and Tech Hardware by -1.6% (13th percentile) and -4.3% (18th percentile), respectively</li></ul><img src=\"https://static.tigerbbs.com/9fd6a23b77549f58ef41bd23b5de74c0\" tg-width=\"656\" tg-height=\"385\" referrerpolicy=\"no-referrer\">And while hedge funds shorted tech, the Goldman US Consumer Discretionary sector saw the largest net buying in three months driven by E-Commerce stocks. As a result, the GS Prime book is now O/W US Consumer Discretionary by +3.3% vs. the S&amp;P 500,which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.<blockquote><ul><li>信息技术是本周表现最差的板块，也是迄今为止 GS Prime book 净卖出最多的板块，其驱动力是卖空量以 7 比 1 超过多头买入。</li><li>信息科技股连续第三周净卖出，并出现自去年 8 月以来最大的周/周净卖出 (-1.6 SDs)。子行业层面的净交易流量有所不同——半成品和半设备、软件和电子设备是净卖出最多的，而通信设备和 IT 服务是净买入最多的。</li><li>与 MSCI World 相比，对冲基金目前持有信息科技股 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</li><li>从行业集团的角度来看，对冲基金仍然是O/W软件和SVC，增长了+4.7%（第28个百分位），U/W半设备和技术硬件分别增长了-1.6%（第13个百分位）和-4.3%（第18个百分位）</li></ul>尽管对冲基金做空科技股，但在电子商务股票的推动下，高盛美国非必需消费品行业出现了三个月来最大的净买入。因此，与标普500相比，GS Prime book 目前比美国非必需消费品上涨 +3.3%，与过去一年相比处于第 9 个百分位，与过去五年相比处于第 50 个百分位.</blockquote><ul><li>In $ terms, Consumer Discretionary was the most net bought US sector on the GS Prime book this week, driven by risk-on flows with long buys outpacing short sales 4 to 1.</li><li>The sector’s aggregate long/short ratio (MV) on the GS Prime book ended the week at 2.53, which is in the 2nd percentile vs. the past year and in the 77th percentile vs. the past five years. The GS Prime book is now O/W US Consumer Discretionary stocks by +3.3% vs. the S&amp;P 500, which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.</li></ul><img src=\"https://static.tigerbbs.com/f91bb2509f471f3239a9d3978a8a1581\" tg-width=\"656\" tg-height=\"383\" referrerpolicy=\"no-referrer\"><blockquote><ul><li>以美元计算，非必需消费品是本周 GS Prime book 上净买入最多的美国板块，受风险偏好资金的推动，多头买入数量超过卖空数量的 4 比 1。</li><li>GS Prime book 上该行业的总多空比率 (MV) 本周结束时为 2.53，与去年相比处于第 2 个百分位，与过去五年相比处于第 77 个百分位。与标普500相比，GS Prime book现在O/W美国非必需消费品库存+3.3%，与去年相比处于第9个百分位，与过去五年相比处于第50个百分位。</li></ul></blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.zerohedge.com/markets/hedge-fund-gross-leverage-hits-all-time-high-hfs-furiously-short-tech-stocks\">zerohedge</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","NDX":"纳斯达克100指数"},"source_url":"https://www.zerohedge.com/markets/hedge-fund-gross-leverage-hits-all-time-high-hfs-furiously-short-tech-stocks","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148549916","content_text":"Hedge funds had another rough week according to Goldman's Prime Brokerage, with the GS Equity Fundamental L/S  Performance Estimate falling -1.68% between 4/30 and 5/6 (vs MSCI World TR -0.33%), driven by alpha of -1.11% – the worst weekly alpha in two months – and to a lesser extent beta of -0.57% (from market exposure and the market sensitivity factor combined). As a result, global fundamental equity L/S hedge funds lost almost two-thirds of their YTD gains in just the past week, bringing their total YTD return to just 0.97% in what is setting up as another dismal year for the 2 and 20 crowd.What is remarkable is just how sensitive to overall market beta the hedge fund space has become, and there is a reason for that: according to Goldman Prime,overall book Gross leverage rose +1.7 pts to 247.1%, the highest on record,while Net leverage fell -0.9 pts to 88.2% (not quite an all time high, but still 87th percentile).Looking at the composition of hedge fund purchases,the overall GS Prime book was modestly net bought again in the past week(+0.15 SDs), driven by risk-on flows as long buys outpaced short sales. Specifically, single Names were net bought while Macro Products (Index and ETF combined) were net sold. North America and to a lesser extent Europe were net bought driven by long buys, while DM Asia and EM Asia were net sold driven by short sales. 8 of 11 global sectors were net bought led in $ terms by Consumer Disc, Health Care, Staples and Real Estate, while Info Tech, Materials, and Financials were net sold.Meanwhile, continuing the trend first observed last weekwhen we noted that hedge funds shorted tech sharesfor 9 of the previous 10 days, Goldman notes thatInfo Tech saw the largest net selling in nine months as managers reduced exposure for a third straight week.And in a surprise reversal to months of bullishness on IT, GS Prime points out that hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.Some more details from the Goldman reports:Info Tech, the worst performing sector this week,was also by far the most net sold sector on the GS Prime book driven by short sales outpacing long buys 7 to 1.Info Tech stocks were net sold for a third straight week and saw the largest week/week $ net selling since last August (-1.6 SDs). Net trading flow diverged on a subsector level – Semis & Semi Equip, Software, and Electronic Equip were the most net sold, while Comm Equip and IT Services were the most net bought.Hedge funds are currently U/W Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.From an industry group standpoint, hedge funds are still O/W Software & Svcs by +4.7% (28th percentile) and U/W Semis & Semi Equip and Tech Hardware by -1.6% (13th percentile) and -4.3% (18th percentile), respectivelyAnd while hedge funds shorted tech, the Goldman US Consumer Discretionary sector saw the largest net buying in three months driven by E-Commerce stocks. As a result, the GS Prime book is now O/W US Consumer Discretionary by +3.3% vs. the S&P 500,which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.In $ terms, Consumer Discretionary was the most net bought US sector on the GS Prime book this week, driven by risk-on flows with long buys outpacing short sales 4 to 1.The sector’s aggregate long/short ratio (MV) on the GS Prime book ended the week at 2.53, which is in the 2nd percentile vs. the past year and in the 77th percentile vs. the past five years. The GS Prime book is now O/W US Consumer Discretionary stocks by +3.3% vs. the S&P 500, which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.","news_type":1,"symbols_score_info":{".IXIC":0.9,"NDX":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4295858,"gmtCreate":1620773937429,"gmtModify":1635497732820,"authorId":3576895774513119,"author":{"id":3576895774513119,"idStr":"3576895774513119","authorId":3576895774513119,"name":"Ongcj","avatar":"https://static.tigerbbs.com/a4eece6de8f766cfa9770954976d8ae8","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":193192802,"type":1,"supId":0,"prevId":0,"content":"Pls reply","text":"Pls reply","html":"Pls reply"},{"id":4295867,"gmtCreate":1620773969805,"gmtModify":1635497731844,"authorId":3574244375315958,"author":{"id":3574244375315958,"idStr":"3574244375315958","authorId":3574244375315958,"name":"Jassss","avatar":"https://static.tigerbbs.com/a1a74261bc0d795b37c8c963ee5393f0","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":193192802,"type":1,"supId":4295858,"prevId":0,"content":"Ok","text":"Ok","html":"Ok"},{"id":4295899,"gmtCreate":1620774099555,"gmtModify":1635497728697,"authorId":3576831123463310,"author":{"id":3576831123463310,"idStr":"3576831123463310","authorId":3576831123463310,"name":"kctan","avatar":"https://static.tigerbbs.com/f1770830f8c002db55c8aadca0939107","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":193192802,"type":1,"supId":0,"prevId":0,"content":"Ok","text":"Ok","html":"Ok"},{"id":4295904,"gmtCreate":1620774123115,"gmtModify":1635497728154,"authorId":3572428109068921,"author":{"id":3572428109068921,"idStr":"3572428109068921","authorId":3572428109068921,"name":"DChia","avatar":"https://static.tigerbbs.com/2bcfaaf6da9577d8a6da421538592a0e","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":193192802,"type":1,"supId":0,"prevId":0,"content":"Ok","text":"Ok","html":"Ok"},{"id":4296845,"gmtCreate":1620777581283,"gmtModify":1635497642719,"authorId":3577664011514694,"author":{"id":3577664011514694,"idStr":"3577664011514694","authorId":3577664011514694,"name":"Nez","avatar":"https://static.tigerbbs.com/b32d6842fa474340581d116936497abb","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":193192802,"type":1,"supId":0,"prevId":0,"content":"Done plS reply","text":"Done plS reply","html":"Done plS reply"}],"langContent":"EN"},{"id":193198322,"gmtCreate":1620773706466,"gmtModify":1634196514263,"author":{"id":"3571959390768435","authorId":"3571959390768435","name":"stormlee","avatar":"https://static.tigerbbs.com/80629ef9648273c0d6465aee66dbd98a","vip":1,"crmLevel":11,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"3571959390768435","authorIdStr":"3571959390768435"},"htmlText":"Comment &amp; like pls","listText":"Comment &amp; like pls","text":"Comment & like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/193198322","repostId":1148549916,"repostType":4,"repost":{"id":"1148549916","kind":"news","pubTimestamp":1620718159,"share":"https://www.laohunote.com/m/news/1148549916?lang=zh_CN&edition=full","pubTime":"2021-05-11 15:29","market":"us","language":"en","title":"Hedge Fund Gross Leverage Hits All Time High As HFs Furiously Short Tech Stocks<blockquote>HFs 疯狂做空科技股，对冲基金总杠杆创历史新高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1148549916","media":"zerohedge","summary":"Hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World, the lowest level since last November and in the 3rd percentile vs. the past five years.","content":"Hedge funds had another rough week according to Goldman's Prime Brokerage, with the GS Equity Fundamental L/S&nbsp; Performance Estimate falling -1.68% between 4/30 and 5/6 (vs MSCI World TR -0.33%), driven by alpha of -1.11% – the worst weekly alpha in two months – and to a lesser extent beta of -0.57% (from market exposure and the market sensitivity factor combined). As a result, global fundamental equity L/S hedge funds lost almost two-thirds of their YTD gains in just the past week, bringing their total YTD return to just 0.97% in what is setting up as another dismal year for the 2 and 20 crowd.<blockquote>根据高盛的主要经纪公司的数据，对冲基金又经历了艰难的一周，GS Equity基本面L/S业绩预期在4月30日至5月6日之间下跌了-1.68%（相对于摩根士丹利资本国际世界TR-0.33%），这是由-1.11%的alpha（两个月来最差的每周alpha）和-0.57%的贝塔（来自市场敞口和市场敏感性因素的结合）推动的。结果，全球基本面股票L/S对冲基金在过去一周就损失了近三分之二的年初至今收益，使其年初至今总回报率仅为0.97%，这对2岁和20岁的人群来说又是一个惨淡的一年。</blockquote><img src=\"https://static.tigerbbs.com/4c1d262955a001211ed92ecfceca5b3d\" tg-width=\"501\" tg-height=\"472\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>What is remarkable is just how sensitive to overall market beta the hedge fund space has become, and there is a reason for that: according to Goldman Prime,overall book Gross leverage rose +1.7 pts to 247.1%, the highest on record,while Net leverage fell -0.9 pts to 88.2% (not quite an all time high, but still 87th percentile).<blockquote>值得注意的是，对冲基金领域对整体市场贝塔值变得如此敏感，这是有原因的：根据高盛Prime的数据，整体账面总杠杆率上升 +1.7 个百分点至 247.1%，创历史新高，而净杠杆率下降-0.9个百分点至88.2%（虽然不是历史最高水平，但仍处于第87个百分位）。</blockquote><img src=\"https://static.tigerbbs.com/8e8665b4387577b4f2b41e5791e348b3\" tg-width=\"1087\" tg-height=\"487\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>Looking at the composition of hedge fund purchases,the overall GS Prime book was modestly net bought again in the past week(+0.15 SDs), driven by risk-on flows as long buys outpaced short sales. Specifically, single Names were net bought while Macro Products (Index and ETF combined) were net sold. North America and to a lesser extent Europe were net bought driven by long buys, while DM Asia and EM Asia were net sold driven by short sales. 8 of 11 global sectors were net bought led in $ terms by Consumer Disc, Health Care, Staples and Real Estate, while Info Tech, Materials, and Financials were net sold.<blockquote>从对冲基金购买的构成来看，过去一周，GS Prime book 的整体净购买量再次温和（+0.15 SDs），由风险流动驱动，因为多头买入超过了卖空。具体来说，单个名称被净买入，而宏观产品（指数和 ETF 合并）被净卖出。北美以及在较小程度上欧洲是由多头买入驱动的净买入，而DM Asia和EM Asia是由卖空驱动的净卖出。11个全球板块中有8个被净买入，以美元计算，其中消费光盘、医疗保健、必需品和房地产为首，而信息技术、材料和金融则被净卖出。</blockquote>Meanwhile, continuing the trend first observed last weekwhen we noted that hedge funds shorted tech sharesfor 9 of the previous 10 days, Goldman notes thatInfo Tech saw the largest net selling in nine months as managers reduced exposure for a third straight week.And in a surprise reversal to months of bullishness on IT, GS Prime points out that hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.<blockquote>与此同时，高盛继续上周首次观察到的趋势，当时我们注意到对冲基金在过去 10 天中有 9 天做空了科技股，高盛指出：由于经理们连续第三周减少敞口，信息技术行业出现了九个月来最大的净销售额。GS Prime 指出，对冲基金目前对跑输大盘信息科技股的看涨情绪出人意料地逆转，相对于 MSCI World，对冲基金的看涨情绪目前下跌了 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</blockquote>Some more details from the Goldman reports:<blockquote>高盛报告中的更多细节：</blockquote><ul><li>Info Tech, the worst performing sector this week,was also by far the most net sold sector on the GS Prime book driven by short sales outpacing long buys 7 to 1.</li><li>Info Tech stocks were net sold for a third straight week and saw the largest week/week $ net selling since last August (-1.6 SDs). Net trading flow diverged on a subsector level – Semis &amp; Semi Equip, Software, and Electronic Equip were the most net sold, while Comm Equip and IT Services were the most net bought.</li><li>Hedge funds are currently U/W Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.</li><li>From an industry group standpoint, hedge funds are still O/W Software &amp; Svcs by +4.7% (28th percentile) and U/W Semis &amp; Semi Equip and Tech Hardware by -1.6% (13th percentile) and -4.3% (18th percentile), respectively</li></ul><img src=\"https://static.tigerbbs.com/9fd6a23b77549f58ef41bd23b5de74c0\" tg-width=\"656\" tg-height=\"385\" referrerpolicy=\"no-referrer\">And while hedge funds shorted tech, the Goldman US Consumer Discretionary sector saw the largest net buying in three months driven by E-Commerce stocks. As a result, the GS Prime book is now O/W US Consumer Discretionary by +3.3% vs. the S&amp;P 500,which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.<blockquote><ul><li>信息技术是本周表现最差的板块，也是迄今为止 GS Prime book 净卖出最多的板块，其驱动力是卖空量以 7 比 1 超过多头买入。</li><li>信息科技股连续第三周净卖出，并出现自去年 8 月以来最大的周/周净卖出 (-1.6 SDs)。子行业层面的净交易流量有所不同——半成品和半设备、软件和电子设备是净卖出最多的，而通信设备和 IT 服务是净买入最多的。</li><li>与 MSCI World 相比，对冲基金目前持有信息科技股 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</li><li>从行业集团的角度来看，对冲基金仍然是O/W软件和SVC，增长了+4.7%（第28个百分位），U/W半设备和技术硬件分别增长了-1.6%（第13个百分位）和-4.3%（第18个百分位）</li></ul>尽管对冲基金做空科技股，但在电子商务股票的推动下，高盛美国非必需消费品行业出现了三个月来最大的净买入。因此，与标普500相比，GS Prime book 目前比美国非必需消费品上涨 +3.3%，与过去一年相比处于第 9 个百分位，与过去五年相比处于第 50 个百分位.</blockquote><ul><li>In $ terms, Consumer Discretionary was the most net bought US sector on the GS Prime book this week, driven by risk-on flows with long buys outpacing short sales 4 to 1.</li><li>The sector’s aggregate long/short ratio (MV) on the GS Prime book ended the week at 2.53, which is in the 2nd percentile vs. the past year and in the 77th percentile vs. the past five years. The GS Prime book is now O/W US Consumer Discretionary stocks by +3.3% vs. the S&amp;P 500, which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.</li></ul><img src=\"https://static.tigerbbs.com/f91bb2509f471f3239a9d3978a8a1581\" tg-width=\"656\" tg-height=\"383\" referrerpolicy=\"no-referrer\"><blockquote><ul><li>以美元计算，非必需消费品是本周 GS Prime book 上净买入最多的美国板块，受风险偏好资金的推动，多头买入数量超过卖空数量的 4 比 1。</li><li>GS Prime book 上该行业的总多空比率 (MV) 本周结束时为 2.53，与去年相比处于第 2 个百分位，与过去五年相比处于第 77 个百分位。与标普500相比，GS Prime book现在O/W美国非必需消费品库存+3.3%，与去年相比处于第9个百分位，与过去五年相比处于第50个百分位。</li></ul></blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hedge Fund Gross Leverage Hits All Time High As HFs Furiously Short Tech Stocks<blockquote>HFs 疯狂做空科技股，对冲基金总杠杆创历史新高</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHedge Fund Gross Leverage Hits All Time High As HFs Furiously Short Tech Stocks<blockquote>HFs 疯狂做空科技股，对冲基金总杠杆创历史新高</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nzerohedge2021-05-11 15:29\n\n</h4>\n</header>\n<article>\nHedge funds had another rough week according to Goldman's Prime Brokerage, with the GS Equity Fundamental L/S&nbsp; Performance Estimate falling -1.68% between 4/30 and 5/6 (vs MSCI World TR -0.33%), driven by alpha of -1.11% – the worst weekly alpha in two months – and to a lesser extent beta of -0.57% (from market exposure and the market sensitivity factor combined). As a result, global fundamental equity L/S hedge funds lost almost two-thirds of their YTD gains in just the past week, bringing their total YTD return to just 0.97% in what is setting up as another dismal year for the 2 and 20 crowd.<blockquote>根据高盛的主要经纪公司的数据，对冲基金又经历了艰难的一周，GS Equity基本面L/S业绩预期在4月30日至5月6日之间下跌了-1.68%（相对于摩根士丹利资本国际世界TR-0.33%），这是由-1.11%的alpha（两个月来最差的每周alpha）和-0.57%的贝塔（来自市场敞口和市场敏感性因素的结合）推动的。结果，全球基本面股票L/S对冲基金在过去一周就损失了近三分之二的年初至今收益，使其年初至今总回报率仅为0.97%，这对2岁和20岁的人群来说又是一个惨淡的一年。</blockquote><img src=\"https://static.tigerbbs.com/4c1d262955a001211ed92ecfceca5b3d\" tg-width=\"501\" tg-height=\"472\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>What is remarkable is just how sensitive to overall market beta the hedge fund space has become, and there is a reason for that: according to Goldman Prime,overall book Gross leverage rose +1.7 pts to 247.1%, the highest on record,while Net leverage fell -0.9 pts to 88.2% (not quite an all time high, but still 87th percentile).<blockquote>值得注意的是，对冲基金领域对整体市场贝塔值变得如此敏感，这是有原因的：根据高盛Prime的数据，整体账面总杠杆率上升 +1.7 个百分点至 247.1%，创历史新高，而净杠杆率下降-0.9个百分点至88.2%（虽然不是历史最高水平，但仍处于第87个百分位）。</blockquote><img src=\"https://static.tigerbbs.com/8e8665b4387577b4f2b41e5791e348b3\" tg-width=\"1087\" tg-height=\"487\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>Looking at the composition of hedge fund purchases,the overall GS Prime book was modestly net bought again in the past week(+0.15 SDs), driven by risk-on flows as long buys outpaced short sales. Specifically, single Names were net bought while Macro Products (Index and ETF combined) were net sold. North America and to a lesser extent Europe were net bought driven by long buys, while DM Asia and EM Asia were net sold driven by short sales. 8 of 11 global sectors were net bought led in $ terms by Consumer Disc, Health Care, Staples and Real Estate, while Info Tech, Materials, and Financials were net sold.<blockquote>从对冲基金购买的构成来看，过去一周，GS Prime book 的整体净购买量再次温和（+0.15 SDs），由风险流动驱动，因为多头买入超过了卖空。具体来说，单个名称被净买入，而宏观产品（指数和 ETF 合并）被净卖出。北美以及在较小程度上欧洲是由多头买入驱动的净买入，而DM Asia和EM Asia是由卖空驱动的净卖出。11个全球板块中有8个被净买入，以美元计算，其中消费光盘、医疗保健、必需品和房地产为首，而信息技术、材料和金融则被净卖出。</blockquote>Meanwhile, continuing the trend first observed last weekwhen we noted that hedge funds shorted tech sharesfor 9 of the previous 10 days, Goldman notes thatInfo Tech saw the largest net selling in nine months as managers reduced exposure for a third straight week.And in a surprise reversal to months of bullishness on IT, GS Prime points out that hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.<blockquote>与此同时，高盛继续上周首次观察到的趋势，当时我们注意到对冲基金在过去 10 天中有 9 天做空了科技股，高盛指出：由于经理们连续第三周减少敞口，信息技术行业出现了九个月来最大的净销售额。GS Prime 指出，对冲基金目前对跑输大盘信息科技股的看涨情绪出人意料地逆转，相对于 MSCI World，对冲基金的看涨情绪目前下跌了 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</blockquote>Some more details from the Goldman reports:<blockquote>高盛报告中的更多细节：</blockquote><ul><li>Info Tech, the worst performing sector this week,was also by far the most net sold sector on the GS Prime book driven by short sales outpacing long buys 7 to 1.</li><li>Info Tech stocks were net sold for a third straight week and saw the largest week/week $ net selling since last August (-1.6 SDs). Net trading flow diverged on a subsector level – Semis &amp; Semi Equip, Software, and Electronic Equip were the most net sold, while Comm Equip and IT Services were the most net bought.</li><li>Hedge funds are currently U/W Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.</li><li>From an industry group standpoint, hedge funds are still O/W Software &amp; Svcs by +4.7% (28th percentile) and U/W Semis &amp; Semi Equip and Tech Hardware by -1.6% (13th percentile) and -4.3% (18th percentile), respectively</li></ul><img src=\"https://static.tigerbbs.com/9fd6a23b77549f58ef41bd23b5de74c0\" tg-width=\"656\" tg-height=\"385\" referrerpolicy=\"no-referrer\">And while hedge funds shorted tech, the Goldman US Consumer Discretionary sector saw the largest net buying in three months driven by E-Commerce stocks. As a result, the GS Prime book is now O/W US Consumer Discretionary by +3.3% vs. the S&amp;P 500,which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.<blockquote><ul><li>信息技术是本周表现最差的板块，也是迄今为止 GS Prime book 净卖出最多的板块，其驱动力是卖空量以 7 比 1 超过多头买入。</li><li>信息科技股连续第三周净卖出，并出现自去年 8 月以来最大的周/周净卖出 (-1.6 SDs)。子行业层面的净交易流量有所不同——半成品和半设备、软件和电子设备是净卖出最多的，而通信设备和 IT 服务是净买入最多的。</li><li>与 MSCI World 相比，对冲基金目前持有信息科技股 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</li><li>从行业集团的角度来看，对冲基金仍然是O/W软件和SVC，增长了+4.7%（第28个百分位），U/W半设备和技术硬件分别增长了-1.6%（第13个百分位）和-4.3%（第18个百分位）</li></ul>尽管对冲基金做空科技股，但在电子商务股票的推动下，高盛美国非必需消费品行业出现了三个月来最大的净买入。因此，与标普500相比，GS Prime book 目前比美国非必需消费品上涨 +3.3%，与过去一年相比处于第 9 个百分位，与过去五年相比处于第 50 个百分位.</blockquote><ul><li>In $ terms, Consumer Discretionary was the most net bought US sector on the GS Prime book this week, driven by risk-on flows with long buys outpacing short sales 4 to 1.</li><li>The sector’s aggregate long/short ratio (MV) on the GS Prime book ended the week at 2.53, which is in the 2nd percentile vs. the past year and in the 77th percentile vs. the past five years. The GS Prime book is now O/W US Consumer Discretionary stocks by +3.3% vs. the S&amp;P 500, which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.</li></ul><img src=\"https://static.tigerbbs.com/f91bb2509f471f3239a9d3978a8a1581\" tg-width=\"656\" tg-height=\"383\" referrerpolicy=\"no-referrer\"><blockquote><ul><li>以美元计算，非必需消费品是本周 GS Prime book 上净买入最多的美国板块，受风险偏好资金的推动，多头买入数量超过卖空数量的 4 比 1。</li><li>GS Prime book 上该行业的总多空比率 (MV) 本周结束时为 2.53，与去年相比处于第 2 个百分位，与过去五年相比处于第 77 个百分位。与标普500相比，GS Prime book现在O/W美国非必需消费品库存+3.3%，与去年相比处于第9个百分位，与过去五年相比处于第50个百分位。</li></ul></blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.zerohedge.com/markets/hedge-fund-gross-leverage-hits-all-time-high-hfs-furiously-short-tech-stocks\">zerohedge</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","NDX":"纳斯达克100指数"},"source_url":"https://www.zerohedge.com/markets/hedge-fund-gross-leverage-hits-all-time-high-hfs-furiously-short-tech-stocks","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148549916","content_text":"Hedge funds had another rough week according to Goldman's Prime Brokerage, with the GS Equity Fundamental L/S  Performance Estimate falling -1.68% between 4/30 and 5/6 (vs MSCI World TR -0.33%), driven by alpha of -1.11% – the worst weekly alpha in two months – and to a lesser extent beta of -0.57% (from market exposure and the market sensitivity factor combined). As a result, global fundamental equity L/S hedge funds lost almost two-thirds of their YTD gains in just the past week, bringing their total YTD return to just 0.97% in what is setting up as another dismal year for the 2 and 20 crowd.What is remarkable is just how sensitive to overall market beta the hedge fund space has become, and there is a reason for that: according to Goldman Prime,overall book Gross leverage rose +1.7 pts to 247.1%, the highest on record,while Net leverage fell -0.9 pts to 88.2% (not quite an all time high, but still 87th percentile).Looking at the composition of hedge fund purchases,the overall GS Prime book was modestly net bought again in the past week(+0.15 SDs), driven by risk-on flows as long buys outpaced short sales. Specifically, single Names were net bought while Macro Products (Index and ETF combined) were net sold. North America and to a lesser extent Europe were net bought driven by long buys, while DM Asia and EM Asia were net sold driven by short sales. 8 of 11 global sectors were net bought led in $ terms by Consumer Disc, Health Care, Staples and Real Estate, while Info Tech, Materials, and Financials were net sold.Meanwhile, continuing the trend first observed last weekwhen we noted that hedge funds shorted tech sharesfor 9 of the previous 10 days, Goldman notes thatInfo Tech saw the largest net selling in nine months as managers reduced exposure for a third straight week.And in a surprise reversal to months of bullishness on IT, GS Prime points out that hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.Some more details from the Goldman reports:Info Tech, the worst performing sector this week,was also by far the most net sold sector on the GS Prime book driven by short sales outpacing long buys 7 to 1.Info Tech stocks were net sold for a third straight week and saw the largest week/week $ net selling since last August (-1.6 SDs). Net trading flow diverged on a subsector level – Semis & Semi Equip, Software, and Electronic Equip were the most net sold, while Comm Equip and IT Services were the most net bought.Hedge funds are currently U/W Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.From an industry group standpoint, hedge funds are still O/W Software & Svcs by +4.7% (28th percentile) and U/W Semis & Semi Equip and Tech Hardware by -1.6% (13th percentile) and -4.3% (18th percentile), respectivelyAnd while hedge funds shorted tech, the Goldman US Consumer Discretionary sector saw the largest net buying in three months driven by E-Commerce stocks. As a result, the GS Prime book is now O/W US Consumer Discretionary by +3.3% vs. the S&P 500,which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.In $ terms, Consumer Discretionary was the most net bought US sector on the GS Prime book this week, driven by risk-on flows with long buys outpacing short sales 4 to 1.The sector’s aggregate long/short ratio (MV) on the GS Prime book ended the week at 2.53, which is in the 2nd percentile vs. the past year and in the 77th percentile vs. the past five years. The GS Prime book is now O/W US Consumer Discretionary stocks by +3.3% vs. the S&P 500, which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.","news_type":1,"symbols_score_info":{".IXIC":0.9,"NDX":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4295817,"gmtCreate":1620773724579,"gmtModify":1635497736841,"authorId":3570479349727470,"author":{"id":3570479349727470,"idStr":"3570479349727470","authorId":3570479349727470,"name":"100EMAS","avatar":"https://static.tigerbbs.com/1a7c31b79e7bff28841c5f18dca737f4","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":193198322,"type":1,"supId":0,"prevId":0,"content":"Cool ","text":"Cool ","html":"Cool "},{"id":4295860,"gmtCreate":1620773946552,"gmtModify":1635497732603,"authorId":3576895774513119,"author":{"id":3576895774513119,"idStr":"3576895774513119","authorId":3576895774513119,"name":"Ongcj","avatar":"https://static.tigerbbs.com/a4eece6de8f766cfa9770954976d8ae8","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":193198322,"type":1,"supId":4295817,"prevId":0,"content":"Pls replY","text":"Pls replY","html":"Pls replY"},{"id":4295887,"gmtCreate":1620774059646,"gmtModify":1635497729997,"authorId":3571959390768435,"author":{"id":3571959390768435,"idStr":"3571959390768435","authorId":3571959390768435,"name":"stormlee","avatar":"https://static.tigerbbs.com/80629ef9648273c0d6465aee66dbd98a","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":193198322,"type":1,"supId":4295817,"prevId":0,"content":"👌","text":"👌","html":"👌"}],"langContent":"EN"},{"id":193193181,"gmtCreate":1620773555843,"gmtModify":1634196515565,"author":{"id":"3574897713454581","authorId":"3574897713454581","name":"JCai","avatar":"https://static.tigerbbs.com/a4408059854d4abfa5d3e8513d447a16","vip":1,"crmLevel":12,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"3574897713454581","authorIdStr":"3574897713454581"},"htmlText":"Like and comment pls","listText":"Like and comment pls","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/193193181","repostId":1148549916,"repostType":4,"repost":{"id":"1148549916","kind":"news","pubTimestamp":1620718159,"share":"https://www.laohunote.com/m/news/1148549916?lang=zh_CN&edition=full","pubTime":"2021-05-11 15:29","market":"us","language":"en","title":"Hedge Fund Gross Leverage Hits All Time High As HFs Furiously Short Tech Stocks<blockquote>HFs 疯狂做空科技股，对冲基金总杠杆创历史新高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1148549916","media":"zerohedge","summary":"Hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World, the lowest level since last November and in the 3rd percentile vs. the past five years.","content":"Hedge funds had another rough week according to Goldman's Prime Brokerage, with the GS Equity Fundamental L/S&nbsp; Performance Estimate falling -1.68% between 4/30 and 5/6 (vs MSCI World TR -0.33%), driven by alpha of -1.11% – the worst weekly alpha in two months – and to a lesser extent beta of -0.57% (from market exposure and the market sensitivity factor combined). As a result, global fundamental equity L/S hedge funds lost almost two-thirds of their YTD gains in just the past week, bringing their total YTD return to just 0.97% in what is setting up as another dismal year for the 2 and 20 crowd.<blockquote>根据高盛的主要经纪公司的数据，对冲基金又经历了艰难的一周，GS Equity基本面L/S业绩预期在4月30日至5月6日之间下跌了-1.68%（相对于摩根士丹利资本国际世界TR-0.33%），这是由-1.11%的alpha（两个月来最差的每周alpha）和-0.57%的贝塔（来自市场敞口和市场敏感性因素的结合）推动的。结果，全球基本面股票L/S对冲基金在过去一周就损失了近三分之二的年初至今收益，使其年初至今总回报率仅为0.97%，这对2岁和20岁的人群来说又是一个惨淡的一年。</blockquote><img src=\"https://static.tigerbbs.com/4c1d262955a001211ed92ecfceca5b3d\" tg-width=\"501\" tg-height=\"472\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>What is remarkable is just how sensitive to overall market beta the hedge fund space has become, and there is a reason for that: according to Goldman Prime,overall book Gross leverage rose +1.7 pts to 247.1%, the highest on record,while Net leverage fell -0.9 pts to 88.2% (not quite an all time high, but still 87th percentile).<blockquote>值得注意的是，对冲基金领域对整体市场贝塔值变得如此敏感，这是有原因的：根据高盛Prime的数据，整体账面总杠杆率上升 +1.7 个百分点至 247.1%，创历史新高，而净杠杆率下降-0.9个百分点至88.2%（虽然不是历史最高水平，但仍处于第87个百分位）。</blockquote><img src=\"https://static.tigerbbs.com/8e8665b4387577b4f2b41e5791e348b3\" tg-width=\"1087\" tg-height=\"487\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>Looking at the composition of hedge fund purchases,the overall GS Prime book was modestly net bought again in the past week(+0.15 SDs), driven by risk-on flows as long buys outpaced short sales. Specifically, single Names were net bought while Macro Products (Index and ETF combined) were net sold. North America and to a lesser extent Europe were net bought driven by long buys, while DM Asia and EM Asia were net sold driven by short sales. 8 of 11 global sectors were net bought led in $ terms by Consumer Disc, Health Care, Staples and Real Estate, while Info Tech, Materials, and Financials were net sold.<blockquote>从对冲基金购买的构成来看，过去一周，GS Prime book 的整体净购买量再次温和（+0.15 SDs），由风险流动驱动，因为多头买入超过了卖空。具体来说，单个名称被净买入，而宏观产品（指数和 ETF 合并）被净卖出。北美以及在较小程度上欧洲是由多头买入驱动的净买入，而DM Asia和EM Asia是由卖空驱动的净卖出。11个全球板块中有8个被净买入，以美元计算，其中消费光盘、医疗保健、必需品和房地产为首，而信息技术、材料和金融则被净卖出。</blockquote>Meanwhile, continuing the trend first observed last weekwhen we noted that hedge funds shorted tech sharesfor 9 of the previous 10 days, Goldman notes thatInfo Tech saw the largest net selling in nine months as managers reduced exposure for a third straight week.And in a surprise reversal to months of bullishness on IT, GS Prime points out that hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.<blockquote>与此同时，高盛继续上周首次观察到的趋势，当时我们注意到对冲基金在过去 10 天中有 9 天做空了科技股，高盛指出：由于经理们连续第三周减少敞口，信息技术行业出现了九个月来最大的净销售额。GS Prime 指出，对冲基金目前对跑输大盘信息科技股的看涨情绪出人意料地逆转，相对于 MSCI World，对冲基金的看涨情绪目前下跌了 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</blockquote>Some more details from the Goldman reports:<blockquote>高盛报告中的更多细节：</blockquote><ul><li>Info Tech, the worst performing sector this week,was also by far the most net sold sector on the GS Prime book driven by short sales outpacing long buys 7 to 1.</li><li>Info Tech stocks were net sold for a third straight week and saw the largest week/week $ net selling since last August (-1.6 SDs). Net trading flow diverged on a subsector level – Semis &amp; Semi Equip, Software, and Electronic Equip were the most net sold, while Comm Equip and IT Services were the most net bought.</li><li>Hedge funds are currently U/W Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.</li><li>From an industry group standpoint, hedge funds are still O/W Software &amp; Svcs by +4.7% (28th percentile) and U/W Semis &amp; Semi Equip and Tech Hardware by -1.6% (13th percentile) and -4.3% (18th percentile), respectively</li></ul><img src=\"https://static.tigerbbs.com/9fd6a23b77549f58ef41bd23b5de74c0\" tg-width=\"656\" tg-height=\"385\" referrerpolicy=\"no-referrer\">And while hedge funds shorted tech, the Goldman US Consumer Discretionary sector saw the largest net buying in three months driven by E-Commerce stocks. As a result, the GS Prime book is now O/W US Consumer Discretionary by +3.3% vs. the S&amp;P 500,which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.<blockquote><ul><li>信息技术是本周表现最差的板块，也是迄今为止 GS Prime book 净卖出最多的板块，其驱动力是卖空量以 7 比 1 超过多头买入。</li><li>信息科技股连续第三周净卖出，并出现自去年 8 月以来最大的周/周净卖出 (-1.6 SDs)。子行业层面的净交易流量有所不同——半成品和半设备、软件和电子设备是净卖出最多的，而通信设备和 IT 服务是净买入最多的。</li><li>与 MSCI World 相比，对冲基金目前持有信息科技股 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</li><li>从行业集团的角度来看，对冲基金仍然是O/W软件和SVC，增长了+4.7%（第28个百分位），U/W半设备和技术硬件分别增长了-1.6%（第13个百分位）和-4.3%（第18个百分位）</li></ul>尽管对冲基金做空科技股，但在电子商务股票的推动下，高盛美国非必需消费品行业出现了三个月来最大的净买入。因此，与标普500相比，GS Prime book 目前比美国非必需消费品上涨 +3.3%，与过去一年相比处于第 9 个百分位，与过去五年相比处于第 50 个百分位.</blockquote><ul><li>In $ terms, Consumer Discretionary was the most net bought US sector on the GS Prime book this week, driven by risk-on flows with long buys outpacing short sales 4 to 1.</li><li>The sector’s aggregate long/short ratio (MV) on the GS Prime book ended the week at 2.53, which is in the 2nd percentile vs. the past year and in the 77th percentile vs. the past five years. The GS Prime book is now O/W US Consumer Discretionary stocks by +3.3% vs. the S&amp;P 500, which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.</li></ul><img src=\"https://static.tigerbbs.com/f91bb2509f471f3239a9d3978a8a1581\" tg-width=\"656\" tg-height=\"383\" referrerpolicy=\"no-referrer\"><blockquote><ul><li>以美元计算，非必需消费品是本周 GS Prime book 上净买入最多的美国板块，受风险偏好资金的推动，多头买入数量超过卖空数量的 4 比 1。</li><li>GS Prime book 上该行业的总多空比率 (MV) 本周结束时为 2.53，与去年相比处于第 2 个百分位，与过去五年相比处于第 77 个百分位。与标普500相比，GS Prime book现在O/W美国非必需消费品库存+3.3%，与去年相比处于第9个百分位，与过去五年相比处于第50个百分位。</li></ul></blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hedge Fund Gross Leverage Hits All Time High As HFs Furiously Short Tech Stocks<blockquote>HFs 疯狂做空科技股，对冲基金总杠杆创历史新高</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHedge Fund Gross Leverage Hits All Time High As HFs Furiously Short Tech Stocks<blockquote>HFs 疯狂做空科技股，对冲基金总杠杆创历史新高</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nzerohedge2021-05-11 15:29\n\n</h4>\n</header>\n<article>\nHedge funds had another rough week according to Goldman's Prime Brokerage, with the GS Equity Fundamental L/S&nbsp; Performance Estimate falling -1.68% between 4/30 and 5/6 (vs MSCI World TR -0.33%), driven by alpha of -1.11% – the worst weekly alpha in two months – and to a lesser extent beta of -0.57% (from market exposure and the market sensitivity factor combined). As a result, global fundamental equity L/S hedge funds lost almost two-thirds of their YTD gains in just the past week, bringing their total YTD return to just 0.97% in what is setting up as another dismal year for the 2 and 20 crowd.<blockquote>根据高盛的主要经纪公司的数据，对冲基金又经历了艰难的一周，GS Equity基本面L/S业绩预期在4月30日至5月6日之间下跌了-1.68%（相对于摩根士丹利资本国际世界TR-0.33%），这是由-1.11%的alpha（两个月来最差的每周alpha）和-0.57%的贝塔（来自市场敞口和市场敏感性因素的结合）推动的。结果，全球基本面股票L/S对冲基金在过去一周就损失了近三分之二的年初至今收益，使其年初至今总回报率仅为0.97%，这对2岁和20岁的人群来说又是一个惨淡的一年。</blockquote><img src=\"https://static.tigerbbs.com/4c1d262955a001211ed92ecfceca5b3d\" tg-width=\"501\" tg-height=\"472\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>What is remarkable is just how sensitive to overall market beta the hedge fund space has become, and there is a reason for that: according to Goldman Prime,overall book Gross leverage rose +1.7 pts to 247.1%, the highest on record,while Net leverage fell -0.9 pts to 88.2% (not quite an all time high, but still 87th percentile).<blockquote>值得注意的是，对冲基金领域对整体市场贝塔值变得如此敏感，这是有原因的：根据高盛Prime的数据，整体账面总杠杆率上升 +1.7 个百分点至 247.1%，创历史新高，而净杠杆率下降-0.9个百分点至88.2%（虽然不是历史最高水平，但仍处于第87个百分位）。</blockquote><img src=\"https://static.tigerbbs.com/8e8665b4387577b4f2b41e5791e348b3\" tg-width=\"1087\" tg-height=\"487\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>Looking at the composition of hedge fund purchases,the overall GS Prime book was modestly net bought again in the past week(+0.15 SDs), driven by risk-on flows as long buys outpaced short sales. Specifically, single Names were net bought while Macro Products (Index and ETF combined) were net sold. North America and to a lesser extent Europe were net bought driven by long buys, while DM Asia and EM Asia were net sold driven by short sales. 8 of 11 global sectors were net bought led in $ terms by Consumer Disc, Health Care, Staples and Real Estate, while Info Tech, Materials, and Financials were net sold.<blockquote>从对冲基金购买的构成来看，过去一周，GS Prime book 的整体净购买量再次温和（+0.15 SDs），由风险流动驱动，因为多头买入超过了卖空。具体来说，单个名称被净买入，而宏观产品（指数和 ETF 合并）被净卖出。北美以及在较小程度上欧洲是由多头买入驱动的净买入，而DM Asia和EM Asia是由卖空驱动的净卖出。11个全球板块中有8个被净买入，以美元计算，其中消费光盘、医疗保健、必需品和房地产为首，而信息技术、材料和金融则被净卖出。</blockquote>Meanwhile, continuing the trend first observed last weekwhen we noted that hedge funds shorted tech sharesfor 9 of the previous 10 days, Goldman notes thatInfo Tech saw the largest net selling in nine months as managers reduced exposure for a third straight week.And in a surprise reversal to months of bullishness on IT, GS Prime points out that hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.<blockquote>与此同时，高盛继续上周首次观察到的趋势，当时我们注意到对冲基金在过去 10 天中有 9 天做空了科技股，高盛指出：由于经理们连续第三周减少敞口，信息技术行业出现了九个月来最大的净销售额。GS Prime 指出，对冲基金目前对跑输大盘信息科技股的看涨情绪出人意料地逆转，相对于 MSCI World，对冲基金的看涨情绪目前下跌了 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</blockquote>Some more details from the Goldman reports:<blockquote>高盛报告中的更多细节：</blockquote><ul><li>Info Tech, the worst performing sector this week,was also by far the most net sold sector on the GS Prime book driven by short sales outpacing long buys 7 to 1.</li><li>Info Tech stocks were net sold for a third straight week and saw the largest week/week $ net selling since last August (-1.6 SDs). Net trading flow diverged on a subsector level – Semis &amp; Semi Equip, Software, and Electronic Equip were the most net sold, while Comm Equip and IT Services were the most net bought.</li><li>Hedge funds are currently U/W Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.</li><li>From an industry group standpoint, hedge funds are still O/W Software &amp; Svcs by +4.7% (28th percentile) and U/W Semis &amp; Semi Equip and Tech Hardware by -1.6% (13th percentile) and -4.3% (18th percentile), respectively</li></ul><img src=\"https://static.tigerbbs.com/9fd6a23b77549f58ef41bd23b5de74c0\" tg-width=\"656\" tg-height=\"385\" referrerpolicy=\"no-referrer\">And while hedge funds shorted tech, the Goldman US Consumer Discretionary sector saw the largest net buying in three months driven by E-Commerce stocks. As a result, the GS Prime book is now O/W US Consumer Discretionary by +3.3% vs. the S&amp;P 500,which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.<blockquote><ul><li>信息技术是本周表现最差的板块，也是迄今为止 GS Prime book 净卖出最多的板块，其驱动力是卖空量以 7 比 1 超过多头买入。</li><li>信息科技股连续第三周净卖出，并出现自去年 8 月以来最大的周/周净卖出 (-1.6 SDs)。子行业层面的净交易流量有所不同——半成品和半设备、软件和电子设备是净卖出最多的，而通信设备和 IT 服务是净买入最多的。</li><li>与 MSCI World 相比，对冲基金目前持有信息科技股 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</li><li>从行业集团的角度来看，对冲基金仍然是O/W软件和SVC，增长了+4.7%（第28个百分位），U/W半设备和技术硬件分别增长了-1.6%（第13个百分位）和-4.3%（第18个百分位）</li></ul>尽管对冲基金做空科技股，但在电子商务股票的推动下，高盛美国非必需消费品行业出现了三个月来最大的净买入。因此，与标普500相比，GS Prime book 目前比美国非必需消费品上涨 +3.3%，与过去一年相比处于第 9 个百分位，与过去五年相比处于第 50 个百分位.</blockquote><ul><li>In $ terms, Consumer Discretionary was the most net bought US sector on the GS Prime book this week, driven by risk-on flows with long buys outpacing short sales 4 to 1.</li><li>The sector’s aggregate long/short ratio (MV) on the GS Prime book ended the week at 2.53, which is in the 2nd percentile vs. the past year and in the 77th percentile vs. the past five years. The GS Prime book is now O/W US Consumer Discretionary stocks by +3.3% vs. the S&amp;P 500, which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.</li></ul><img src=\"https://static.tigerbbs.com/f91bb2509f471f3239a9d3978a8a1581\" tg-width=\"656\" tg-height=\"383\" referrerpolicy=\"no-referrer\"><blockquote><ul><li>以美元计算，非必需消费品是本周 GS Prime book 上净买入最多的美国板块，受风险偏好资金的推动，多头买入数量超过卖空数量的 4 比 1。</li><li>GS Prime book 上该行业的总多空比率 (MV) 本周结束时为 2.53，与去年相比处于第 2 个百分位，与过去五年相比处于第 77 个百分位。与标普500相比，GS Prime book现在O/W美国非必需消费品库存+3.3%，与去年相比处于第9个百分位，与过去五年相比处于第50个百分位。</li></ul></blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.zerohedge.com/markets/hedge-fund-gross-leverage-hits-all-time-high-hfs-furiously-short-tech-stocks\">zerohedge</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","NDX":"纳斯达克100指数"},"source_url":"https://www.zerohedge.com/markets/hedge-fund-gross-leverage-hits-all-time-high-hfs-furiously-short-tech-stocks","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148549916","content_text":"Hedge funds had another rough week according to Goldman's Prime Brokerage, with the GS Equity Fundamental L/S  Performance Estimate falling -1.68% between 4/30 and 5/6 (vs MSCI World TR -0.33%), driven by alpha of -1.11% – the worst weekly alpha in two months – and to a lesser extent beta of -0.57% (from market exposure and the market sensitivity factor combined). As a result, global fundamental equity L/S hedge funds lost almost two-thirds of their YTD gains in just the past week, bringing their total YTD return to just 0.97% in what is setting up as another dismal year for the 2 and 20 crowd.What is remarkable is just how sensitive to overall market beta the hedge fund space has become, and there is a reason for that: according to Goldman Prime,overall book Gross leverage rose +1.7 pts to 247.1%, the highest on record,while Net leverage fell -0.9 pts to 88.2% (not quite an all time high, but still 87th percentile).Looking at the composition of hedge fund purchases,the overall GS Prime book was modestly net bought again in the past week(+0.15 SDs), driven by risk-on flows as long buys outpaced short sales. Specifically, single Names were net bought while Macro Products (Index and ETF combined) were net sold. North America and to a lesser extent Europe were net bought driven by long buys, while DM Asia and EM Asia were net sold driven by short sales. 8 of 11 global sectors were net bought led in $ terms by Consumer Disc, Health Care, Staples and Real Estate, while Info Tech, Materials, and Financials were net sold.Meanwhile, continuing the trend first observed last weekwhen we noted that hedge funds shorted tech sharesfor 9 of the previous 10 days, Goldman notes thatInfo Tech saw the largest net selling in nine months as managers reduced exposure for a third straight week.And in a surprise reversal to months of bullishness on IT, GS Prime points out that hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.Some more details from the Goldman reports:Info Tech, the worst performing sector this week,was also by far the most net sold sector on the GS Prime book driven by short sales outpacing long buys 7 to 1.Info Tech stocks were net sold for a third straight week and saw the largest week/week $ net selling since last August (-1.6 SDs). Net trading flow diverged on a subsector level – Semis & Semi Equip, Software, and Electronic Equip were the most net sold, while Comm Equip and IT Services were the most net bought.Hedge funds are currently U/W Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.From an industry group standpoint, hedge funds are still O/W Software & Svcs by +4.7% (28th percentile) and U/W Semis & Semi Equip and Tech Hardware by -1.6% (13th percentile) and -4.3% (18th percentile), respectivelyAnd while hedge funds shorted tech, the Goldman US Consumer Discretionary sector saw the largest net buying in three months driven by E-Commerce stocks. As a result, the GS Prime book is now O/W US Consumer Discretionary by +3.3% vs. the S&P 500,which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.In $ terms, Consumer Discretionary was the most net bought US sector on the GS Prime book this week, driven by risk-on flows with long buys outpacing short sales 4 to 1.The sector’s aggregate long/short ratio (MV) on the GS Prime book ended the week at 2.53, which is in the 2nd percentile vs. the past year and in the 77th percentile vs. the past five years. The GS Prime book is now O/W US Consumer Discretionary stocks by +3.3% vs. the S&P 500, which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.","news_type":1,"symbols_score_info":{".IXIC":0.9,"NDX":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4295798,"gmtCreate":1620773631635,"gmtModify":1635497738351,"authorId":3578544701064972,"author":{"id":3578544701064972,"idStr":"3578544701064972","authorId":3578544701064972,"name":"Joe0319","avatar":"https://static.tigerbbs.com/9b84d55e902f3cdc3167d94be984be1f","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":193193181,"type":1,"supId":0,"prevId":0,"content":"nice","text":"nice","html":"nice"}],"langContent":"EN"},{"id":193107596,"gmtCreate":1620773410315,"gmtModify":1634196517821,"author":{"id":"3579223722445124","authorId":"3579223722445124","name":"3e871257","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","vip":1,"crmLevel":1,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"3579223722445124","authorIdStr":"3579223722445124"},"htmlText":"Pls like n comment","listText":"Pls like n comment","text":"Pls like n comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/193107596","repostId":1148549916,"repostType":4,"repost":{"id":"1148549916","kind":"news","pubTimestamp":1620718159,"share":"https://www.laohunote.com/m/news/1148549916?lang=zh_CN&edition=full","pubTime":"2021-05-11 15:29","market":"us","language":"en","title":"Hedge Fund Gross Leverage Hits All Time High As HFs Furiously Short Tech Stocks<blockquote>HFs 疯狂做空科技股，对冲基金总杠杆创历史新高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1148549916","media":"zerohedge","summary":"Hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World, the lowest level since last November and in the 3rd percentile vs. the past five years.","content":"Hedge funds had another rough week according to Goldman's Prime Brokerage, with the GS Equity Fundamental L/S&nbsp; Performance Estimate falling -1.68% between 4/30 and 5/6 (vs MSCI World TR -0.33%), driven by alpha of -1.11% – the worst weekly alpha in two months – and to a lesser extent beta of -0.57% (from market exposure and the market sensitivity factor combined). As a result, global fundamental equity L/S hedge funds lost almost two-thirds of their YTD gains in just the past week, bringing their total YTD return to just 0.97% in what is setting up as another dismal year for the 2 and 20 crowd.<blockquote>根据高盛的主要经纪公司的数据，对冲基金又经历了艰难的一周，GS Equity基本面L/S业绩预期在4月30日至5月6日之间下跌了-1.68%（相对于摩根士丹利资本国际世界TR-0.33%），这是由-1.11%的alpha（两个月来最差的每周alpha）和-0.57%的贝塔（来自市场敞口和市场敏感性因素的结合）推动的。结果，全球基本面股票L/S对冲基金在过去一周就损失了近三分之二的年初至今收益，使其年初至今总回报率仅为0.97%，这对2岁和20岁的人群来说又是一个惨淡的一年。</blockquote><img src=\"https://static.tigerbbs.com/4c1d262955a001211ed92ecfceca5b3d\" tg-width=\"501\" tg-height=\"472\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>What is remarkable is just how sensitive to overall market beta the hedge fund space has become, and there is a reason for that: according to Goldman Prime,overall book Gross leverage rose +1.7 pts to 247.1%, the highest on record,while Net leverage fell -0.9 pts to 88.2% (not quite an all time high, but still 87th percentile).<blockquote>值得注意的是，对冲基金领域对整体市场贝塔值变得如此敏感，这是有原因的：根据高盛Prime的数据，整体账面总杠杆率上升 +1.7 个百分点至 247.1%，创历史新高，而净杠杆率下降-0.9个百分点至88.2%（虽然不是历史最高水平，但仍处于第87个百分位）。</blockquote><img src=\"https://static.tigerbbs.com/8e8665b4387577b4f2b41e5791e348b3\" tg-width=\"1087\" tg-height=\"487\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>Looking at the composition of hedge fund purchases,the overall GS Prime book was modestly net bought again in the past week(+0.15 SDs), driven by risk-on flows as long buys outpaced short sales. Specifically, single Names were net bought while Macro Products (Index and ETF combined) were net sold. North America and to a lesser extent Europe were net bought driven by long buys, while DM Asia and EM Asia were net sold driven by short sales. 8 of 11 global sectors were net bought led in $ terms by Consumer Disc, Health Care, Staples and Real Estate, while Info Tech, Materials, and Financials were net sold.<blockquote>从对冲基金购买的构成来看，过去一周，GS Prime book 的整体净购买量再次温和（+0.15 SDs），由风险流动驱动，因为多头买入超过了卖空。具体来说，单个名称被净买入，而宏观产品（指数和 ETF 合并）被净卖出。北美以及在较小程度上欧洲是由多头买入驱动的净买入，而DM Asia和EM Asia是由卖空驱动的净卖出。11个全球板块中有8个被净买入，以美元计算，其中消费光盘、医疗保健、必需品和房地产为首，而信息技术、材料和金融则被净卖出。</blockquote>Meanwhile, continuing the trend first observed last weekwhen we noted that hedge funds shorted tech sharesfor 9 of the previous 10 days, Goldman notes thatInfo Tech saw the largest net selling in nine months as managers reduced exposure for a third straight week.And in a surprise reversal to months of bullishness on IT, GS Prime points out that hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.<blockquote>与此同时，高盛继续上周首次观察到的趋势，当时我们注意到对冲基金在过去 10 天中有 9 天做空了科技股，高盛指出：由于经理们连续第三周减少敞口，信息技术行业出现了九个月来最大的净销售额。GS Prime 指出，对冲基金目前对跑输大盘信息科技股的看涨情绪出人意料地逆转，相对于 MSCI World，对冲基金的看涨情绪目前下跌了 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</blockquote>Some more details from the Goldman reports:<blockquote>高盛报告中的更多细节：</blockquote><ul><li>Info Tech, the worst performing sector this week,was also by far the most net sold sector on the GS Prime book driven by short sales outpacing long buys 7 to 1.</li><li>Info Tech stocks were net sold for a third straight week and saw the largest week/week $ net selling since last August (-1.6 SDs). Net trading flow diverged on a subsector level – Semis &amp; Semi Equip, Software, and Electronic Equip were the most net sold, while Comm Equip and IT Services were the most net bought.</li><li>Hedge funds are currently U/W Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.</li><li>From an industry group standpoint, hedge funds are still O/W Software &amp; Svcs by +4.7% (28th percentile) and U/W Semis &amp; Semi Equip and Tech Hardware by -1.6% (13th percentile) and -4.3% (18th percentile), respectively</li></ul><img src=\"https://static.tigerbbs.com/9fd6a23b77549f58ef41bd23b5de74c0\" tg-width=\"656\" tg-height=\"385\" referrerpolicy=\"no-referrer\">And while hedge funds shorted tech, the Goldman US Consumer Discretionary sector saw the largest net buying in three months driven by E-Commerce stocks. As a result, the GS Prime book is now O/W US Consumer Discretionary by +3.3% vs. the S&amp;P 500,which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.<blockquote><ul><li>信息技术是本周表现最差的板块，也是迄今为止 GS Prime book 净卖出最多的板块，其驱动力是卖空量以 7 比 1 超过多头买入。</li><li>信息科技股连续第三周净卖出，并出现自去年 8 月以来最大的周/周净卖出 (-1.6 SDs)。子行业层面的净交易流量有所不同——半成品和半设备、软件和电子设备是净卖出最多的，而通信设备和 IT 服务是净买入最多的。</li><li>与 MSCI World 相比，对冲基金目前持有信息科技股 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</li><li>从行业集团的角度来看，对冲基金仍然是O/W软件和SVC，增长了+4.7%（第28个百分位），U/W半设备和技术硬件分别增长了-1.6%（第13个百分位）和-4.3%（第18个百分位）</li></ul>尽管对冲基金做空科技股，但在电子商务股票的推动下，高盛美国非必需消费品行业出现了三个月来最大的净买入。因此，与标普500相比，GS Prime book 目前比美国非必需消费品上涨 +3.3%，与过去一年相比处于第 9 个百分位，与过去五年相比处于第 50 个百分位.</blockquote><ul><li>In $ terms, Consumer Discretionary was the most net bought US sector on the GS Prime book this week, driven by risk-on flows with long buys outpacing short sales 4 to 1.</li><li>The sector’s aggregate long/short ratio (MV) on the GS Prime book ended the week at 2.53, which is in the 2nd percentile vs. the past year and in the 77th percentile vs. the past five years. The GS Prime book is now O/W US Consumer Discretionary stocks by +3.3% vs. the S&amp;P 500, which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.</li></ul><img src=\"https://static.tigerbbs.com/f91bb2509f471f3239a9d3978a8a1581\" tg-width=\"656\" tg-height=\"383\" referrerpolicy=\"no-referrer\"><blockquote><ul><li>以美元计算，非必需消费品是本周 GS Prime book 上净买入最多的美国板块，受风险偏好资金的推动，多头买入数量超过卖空数量的 4 比 1。</li><li>GS Prime book 上该行业的总多空比率 (MV) 本周结束时为 2.53，与去年相比处于第 2 个百分位，与过去五年相比处于第 77 个百分位。与标普500相比，GS Prime book现在O/W美国非必需消费品库存+3.3%，与去年相比处于第9个百分位，与过去五年相比处于第50个百分位。</li></ul></blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hedge Fund Gross Leverage Hits All Time High As HFs Furiously Short Tech Stocks<blockquote>HFs 疯狂做空科技股，对冲基金总杠杆创历史新高</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHedge Fund Gross Leverage Hits All Time High As HFs Furiously Short Tech Stocks<blockquote>HFs 疯狂做空科技股，对冲基金总杠杆创历史新高</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nzerohedge2021-05-11 15:29\n\n</h4>\n</header>\n<article>\nHedge funds had another rough week according to Goldman's Prime Brokerage, with the GS Equity Fundamental L/S&nbsp; Performance Estimate falling -1.68% between 4/30 and 5/6 (vs MSCI World TR -0.33%), driven by alpha of -1.11% – the worst weekly alpha in two months – and to a lesser extent beta of -0.57% (from market exposure and the market sensitivity factor combined). As a result, global fundamental equity L/S hedge funds lost almost two-thirds of their YTD gains in just the past week, bringing their total YTD return to just 0.97% in what is setting up as another dismal year for the 2 and 20 crowd.<blockquote>根据高盛的主要经纪公司的数据，对冲基金又经历了艰难的一周，GS Equity基本面L/S业绩预期在4月30日至5月6日之间下跌了-1.68%（相对于摩根士丹利资本国际世界TR-0.33%），这是由-1.11%的alpha（两个月来最差的每周alpha）和-0.57%的贝塔（来自市场敞口和市场敏感性因素的结合）推动的。结果，全球基本面股票L/S对冲基金在过去一周就损失了近三分之二的年初至今收益，使其年初至今总回报率仅为0.97%，这对2岁和20岁的人群来说又是一个惨淡的一年。</blockquote><img src=\"https://static.tigerbbs.com/4c1d262955a001211ed92ecfceca5b3d\" tg-width=\"501\" tg-height=\"472\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>What is remarkable is just how sensitive to overall market beta the hedge fund space has become, and there is a reason for that: according to Goldman Prime,overall book Gross leverage rose +1.7 pts to 247.1%, the highest on record,while Net leverage fell -0.9 pts to 88.2% (not quite an all time high, but still 87th percentile).<blockquote>值得注意的是，对冲基金领域对整体市场贝塔值变得如此敏感，这是有原因的：根据高盛Prime的数据，整体账面总杠杆率上升 +1.7 个百分点至 247.1%，创历史新高，而净杠杆率下降-0.9个百分点至88.2%（虽然不是历史最高水平，但仍处于第87个百分位）。</blockquote><img src=\"https://static.tigerbbs.com/8e8665b4387577b4f2b41e5791e348b3\" tg-width=\"1087\" tg-height=\"487\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>Looking at the composition of hedge fund purchases,the overall GS Prime book was modestly net bought again in the past week(+0.15 SDs), driven by risk-on flows as long buys outpaced short sales. Specifically, single Names were net bought while Macro Products (Index and ETF combined) were net sold. North America and to a lesser extent Europe were net bought driven by long buys, while DM Asia and EM Asia were net sold driven by short sales. 8 of 11 global sectors were net bought led in $ terms by Consumer Disc, Health Care, Staples and Real Estate, while Info Tech, Materials, and Financials were net sold.<blockquote>从对冲基金购买的构成来看，过去一周，GS Prime book 的整体净购买量再次温和（+0.15 SDs），由风险流动驱动，因为多头买入超过了卖空。具体来说，单个名称被净买入，而宏观产品（指数和 ETF 合并）被净卖出。北美以及在较小程度上欧洲是由多头买入驱动的净买入，而DM Asia和EM Asia是由卖空驱动的净卖出。11个全球板块中有8个被净买入，以美元计算，其中消费光盘、医疗保健、必需品和房地产为首，而信息技术、材料和金融则被净卖出。</blockquote>Meanwhile, continuing the trend first observed last weekwhen we noted that hedge funds shorted tech sharesfor 9 of the previous 10 days, Goldman notes thatInfo Tech saw the largest net selling in nine months as managers reduced exposure for a third straight week.And in a surprise reversal to months of bullishness on IT, GS Prime points out that hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.<blockquote>与此同时，高盛继续上周首次观察到的趋势，当时我们注意到对冲基金在过去 10 天中有 9 天做空了科技股，高盛指出：由于经理们连续第三周减少敞口，信息技术行业出现了九个月来最大的净销售额。GS Prime 指出，对冲基金目前对跑输大盘信息科技股的看涨情绪出人意料地逆转，相对于 MSCI World，对冲基金的看涨情绪目前下跌了 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</blockquote>Some more details from the Goldman reports:<blockquote>高盛报告中的更多细节：</blockquote><ul><li>Info Tech, the worst performing sector this week,was also by far the most net sold sector on the GS Prime book driven by short sales outpacing long buys 7 to 1.</li><li>Info Tech stocks were net sold for a third straight week and saw the largest week/week $ net selling since last August (-1.6 SDs). Net trading flow diverged on a subsector level – Semis &amp; Semi Equip, Software, and Electronic Equip were the most net sold, while Comm Equip and IT Services were the most net bought.</li><li>Hedge funds are currently U/W Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.</li><li>From an industry group standpoint, hedge funds are still O/W Software &amp; Svcs by +4.7% (28th percentile) and U/W Semis &amp; Semi Equip and Tech Hardware by -1.6% (13th percentile) and -4.3% (18th percentile), respectively</li></ul><img src=\"https://static.tigerbbs.com/9fd6a23b77549f58ef41bd23b5de74c0\" tg-width=\"656\" tg-height=\"385\" referrerpolicy=\"no-referrer\">And while hedge funds shorted tech, the Goldman US Consumer Discretionary sector saw the largest net buying in three months driven by E-Commerce stocks. As a result, the GS Prime book is now O/W US Consumer Discretionary by +3.3% vs. the S&amp;P 500,which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.<blockquote><ul><li>信息技术是本周表现最差的板块，也是迄今为止 GS Prime book 净卖出最多的板块，其驱动力是卖空量以 7 比 1 超过多头买入。</li><li>信息科技股连续第三周净卖出，并出现自去年 8 月以来最大的周/周净卖出 (-1.6 SDs)。子行业层面的净交易流量有所不同——半成品和半设备、软件和电子设备是净卖出最多的，而通信设备和 IT 服务是净买入最多的。</li><li>与 MSCI World 相比，对冲基金目前持有信息科技股 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</li><li>从行业集团的角度来看，对冲基金仍然是O/W软件和SVC，增长了+4.7%（第28个百分位），U/W半设备和技术硬件分别增长了-1.6%（第13个百分位）和-4.3%（第18个百分位）</li></ul>尽管对冲基金做空科技股，但在电子商务股票的推动下，高盛美国非必需消费品行业出现了三个月来最大的净买入。因此，与标普500相比，GS Prime book 目前比美国非必需消费品上涨 +3.3%，与过去一年相比处于第 9 个百分位，与过去五年相比处于第 50 个百分位.</blockquote><ul><li>In $ terms, Consumer Discretionary was the most net bought US sector on the GS Prime book this week, driven by risk-on flows with long buys outpacing short sales 4 to 1.</li><li>The sector’s aggregate long/short ratio (MV) on the GS Prime book ended the week at 2.53, which is in the 2nd percentile vs. the past year and in the 77th percentile vs. the past five years. The GS Prime book is now O/W US Consumer Discretionary stocks by +3.3% vs. the S&amp;P 500, which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.</li></ul><img src=\"https://static.tigerbbs.com/f91bb2509f471f3239a9d3978a8a1581\" tg-width=\"656\" tg-height=\"383\" referrerpolicy=\"no-referrer\"><blockquote><ul><li>以美元计算，非必需消费品是本周 GS Prime book 上净买入最多的美国板块，受风险偏好资金的推动，多头买入数量超过卖空数量的 4 比 1。</li><li>GS Prime book 上该行业的总多空比率 (MV) 本周结束时为 2.53，与去年相比处于第 2 个百分位，与过去五年相比处于第 77 个百分位。与标普500相比，GS Prime book现在O/W美国非必需消费品库存+3.3%，与去年相比处于第9个百分位，与过去五年相比处于第50个百分位。</li></ul></blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.zerohedge.com/markets/hedge-fund-gross-leverage-hits-all-time-high-hfs-furiously-short-tech-stocks\">zerohedge</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","NDX":"纳斯达克100指数"},"source_url":"https://www.zerohedge.com/markets/hedge-fund-gross-leverage-hits-all-time-high-hfs-furiously-short-tech-stocks","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148549916","content_text":"Hedge funds had another rough week according to Goldman's Prime Brokerage, with the GS Equity Fundamental L/S  Performance Estimate falling -1.68% between 4/30 and 5/6 (vs MSCI World TR -0.33%), driven by alpha of -1.11% – the worst weekly alpha in two months – and to a lesser extent beta of -0.57% (from market exposure and the market sensitivity factor combined). As a result, global fundamental equity L/S hedge funds lost almost two-thirds of their YTD gains in just the past week, bringing their total YTD return to just 0.97% in what is setting up as another dismal year for the 2 and 20 crowd.What is remarkable is just how sensitive to overall market beta the hedge fund space has become, and there is a reason for that: according to Goldman Prime,overall book Gross leverage rose +1.7 pts to 247.1%, the highest on record,while Net leverage fell -0.9 pts to 88.2% (not quite an all time high, but still 87th percentile).Looking at the composition of hedge fund purchases,the overall GS Prime book was modestly net bought again in the past week(+0.15 SDs), driven by risk-on flows as long buys outpaced short sales. Specifically, single Names were net bought while Macro Products (Index and ETF combined) were net sold. North America and to a lesser extent Europe were net bought driven by long buys, while DM Asia and EM Asia were net sold driven by short sales. 8 of 11 global sectors were net bought led in $ terms by Consumer Disc, Health Care, Staples and Real Estate, while Info Tech, Materials, and Financials were net sold.Meanwhile, continuing the trend first observed last weekwhen we noted that hedge funds shorted tech sharesfor 9 of the previous 10 days, Goldman notes thatInfo Tech saw the largest net selling in nine months as managers reduced exposure for a third straight week.And in a surprise reversal to months of bullishness on IT, GS Prime points out that hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.Some more details from the Goldman reports:Info Tech, the worst performing sector this week,was also by far the most net sold sector on the GS Prime book driven by short sales outpacing long buys 7 to 1.Info Tech stocks were net sold for a third straight week and saw the largest week/week $ net selling since last August (-1.6 SDs). Net trading flow diverged on a subsector level – Semis & Semi Equip, Software, and Electronic Equip were the most net sold, while Comm Equip and IT Services were the most net bought.Hedge funds are currently U/W Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.From an industry group standpoint, hedge funds are still O/W Software & Svcs by +4.7% (28th percentile) and U/W Semis & Semi Equip and Tech Hardware by -1.6% (13th percentile) and -4.3% (18th percentile), respectivelyAnd while hedge funds shorted tech, the Goldman US Consumer Discretionary sector saw the largest net buying in three months driven by E-Commerce stocks. As a result, the GS Prime book is now O/W US Consumer Discretionary by +3.3% vs. the S&P 500,which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.In $ terms, Consumer Discretionary was the most net bought US sector on the GS Prime book this week, driven by risk-on flows with long buys outpacing short sales 4 to 1.The sector’s aggregate long/short ratio (MV) on the GS Prime book ended the week at 2.53, which is in the 2nd percentile vs. the past year and in the 77th percentile vs. the past five years. The GS Prime book is now O/W US Consumer Discretionary stocks by +3.3% vs. the S&P 500, which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.","news_type":1,"symbols_score_info":{".IXIC":0.9,"NDX":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4295755,"gmtCreate":1620773440814,"gmtModify":1635497741828,"authorId":3559117691630429,"author":{"id":3559117691630429,"idStr":"3559117691630429","authorId":3559117691630429,"name":"Claire96","avatar":"https://static.tigerbbs.com/fc93d512837a74424b1edc28f1bbece9","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":193107596,"type":1,"supId":0,"prevId":0,"content":"Comment","text":"Comment","html":"Comment"},{"id":4295761,"gmtCreate":1620773463226,"gmtModify":1635497741281,"authorId":3574897713454581,"author":{"id":3574897713454581,"idStr":"3574897713454581","authorId":3574897713454581,"name":"JCai","avatar":"https://static.tigerbbs.com/a4408059854d4abfa5d3e8513d447a16","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":193107596,"type":1,"supId":4295755,"prevId":0,"content":"pls like and comment!","text":"pls like and comment!","html":"pls like and comment!"},{"id":4295771,"gmtCreate":1620773529978,"gmtModify":1635497740307,"authorId":3576990193651421,"author":{"id":3576990193651421,"idStr":"3576990193651421","authorId":3576990193651421,"name":"KFChen","avatar":"https://static.tigerbbs.com/6830fa3fe8a82d29953fbb2e6153801e","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":3574897713454581,"repliedAuthor":{"id":3574897713454581,"idStr":"3574897713454581","authorId":3574897713454581,"name":"JCai","avatar":"https://static.tigerbbs.com/a4408059854d4abfa5d3e8513d447a16","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"objectId":193107596,"type":1,"supId":4295755,"prevId":4295761,"content":"Like n comment pls","text":"Like n comment pls","html":"Like n comment pls"}],"langContent":"EN"},{"id":193105686,"gmtCreate":1620773257345,"gmtModify":1634196519181,"author":{"id":"3577533316536359","authorId":"3577533316536359","name":"PeggyOng","avatar":"https://static.tigerbbs.com/0ba33d8bb922b582c69d5a608b385281","vip":1,"crmLevel":12,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"3577533316536359","authorIdStr":"3577533316536359"},"htmlText":"Like n comment","listText":"Like n comment","text":"Like n comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/193105686","repostId":1148549916,"repostType":4,"repost":{"id":"1148549916","kind":"news","pubTimestamp":1620718159,"share":"https://www.laohunote.com/m/news/1148549916?lang=zh_CN&edition=full","pubTime":"2021-05-11 15:29","market":"us","language":"en","title":"Hedge Fund Gross Leverage Hits All Time High As HFs Furiously Short Tech Stocks<blockquote>HFs 疯狂做空科技股，对冲基金总杠杆创历史新高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1148549916","media":"zerohedge","summary":"Hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World, the lowest level since last November and in the 3rd percentile vs. the past five years.","content":"Hedge funds had another rough week according to Goldman's Prime Brokerage, with the GS Equity Fundamental L/S&nbsp; Performance Estimate falling -1.68% between 4/30 and 5/6 (vs MSCI World TR -0.33%), driven by alpha of -1.11% – the worst weekly alpha in two months – and to a lesser extent beta of -0.57% (from market exposure and the market sensitivity factor combined). As a result, global fundamental equity L/S hedge funds lost almost two-thirds of their YTD gains in just the past week, bringing their total YTD return to just 0.97% in what is setting up as another dismal year for the 2 and 20 crowd.<blockquote>根据高盛的主要经纪公司的数据，对冲基金又经历了艰难的一周，GS Equity基本面L/S业绩预期在4月30日至5月6日之间下跌了-1.68%（相对于摩根士丹利资本国际世界TR-0.33%），这是由-1.11%的alpha（两个月来最差的每周alpha）和-0.57%的贝塔（来自市场敞口和市场敏感性因素的结合）推动的。结果，全球基本面股票L/S对冲基金在过去一周就损失了近三分之二的年初至今收益，使其年初至今总回报率仅为0.97%，这对2岁和20岁的人群来说又是一个惨淡的一年。</blockquote><img src=\"https://static.tigerbbs.com/4c1d262955a001211ed92ecfceca5b3d\" tg-width=\"501\" tg-height=\"472\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>What is remarkable is just how sensitive to overall market beta the hedge fund space has become, and there is a reason for that: according to Goldman Prime,overall book Gross leverage rose +1.7 pts to 247.1%, the highest on record,while Net leverage fell -0.9 pts to 88.2% (not quite an all time high, but still 87th percentile).<blockquote>值得注意的是，对冲基金领域对整体市场贝塔值变得如此敏感，这是有原因的：根据高盛Prime的数据，整体账面总杠杆率上升 +1.7 个百分点至 247.1%，创历史新高，而净杠杆率下降-0.9个百分点至88.2%（虽然不是历史最高水平，但仍处于第87个百分位）。</blockquote><img src=\"https://static.tigerbbs.com/8e8665b4387577b4f2b41e5791e348b3\" tg-width=\"1087\" tg-height=\"487\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>Looking at the composition of hedge fund purchases,the overall GS Prime book was modestly net bought again in the past week(+0.15 SDs), driven by risk-on flows as long buys outpaced short sales. Specifically, single Names were net bought while Macro Products (Index and ETF combined) were net sold. North America and to a lesser extent Europe were net bought driven by long buys, while DM Asia and EM Asia were net sold driven by short sales. 8 of 11 global sectors were net bought led in $ terms by Consumer Disc, Health Care, Staples and Real Estate, while Info Tech, Materials, and Financials were net sold.<blockquote>从对冲基金购买的构成来看，过去一周，GS Prime book 的整体净购买量再次温和（+0.15 SDs），由风险流动驱动，因为多头买入超过了卖空。具体来说，单个名称被净买入，而宏观产品（指数和 ETF 合并）被净卖出。北美以及在较小程度上欧洲是由多头买入驱动的净买入，而DM Asia和EM Asia是由卖空驱动的净卖出。11个全球板块中有8个被净买入，以美元计算，其中消费光盘、医疗保健、必需品和房地产为首，而信息技术、材料和金融则被净卖出。</blockquote>Meanwhile, continuing the trend first observed last weekwhen we noted that hedge funds shorted tech sharesfor 9 of the previous 10 days, Goldman notes thatInfo Tech saw the largest net selling in nine months as managers reduced exposure for a third straight week.And in a surprise reversal to months of bullishness on IT, GS Prime points out that hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.<blockquote>与此同时，高盛继续上周首次观察到的趋势，当时我们注意到对冲基金在过去 10 天中有 9 天做空了科技股，高盛指出：由于经理们连续第三周减少敞口，信息技术行业出现了九个月来最大的净销售额。GS Prime 指出，对冲基金目前对跑输大盘信息科技股的看涨情绪出人意料地逆转，相对于 MSCI World，对冲基金的看涨情绪目前下跌了 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</blockquote>Some more details from the Goldman reports:<blockquote>高盛报告中的更多细节：</blockquote><ul><li>Info Tech, the worst performing sector this week,was also by far the most net sold sector on the GS Prime book driven by short sales outpacing long buys 7 to 1.</li><li>Info Tech stocks were net sold for a third straight week and saw the largest week/week $ net selling since last August (-1.6 SDs). Net trading flow diverged on a subsector level – Semis &amp; Semi Equip, Software, and Electronic Equip were the most net sold, while Comm Equip and IT Services were the most net bought.</li><li>Hedge funds are currently U/W Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.</li><li>From an industry group standpoint, hedge funds are still O/W Software &amp; Svcs by +4.7% (28th percentile) and U/W Semis &amp; Semi Equip and Tech Hardware by -1.6% (13th percentile) and -4.3% (18th percentile), respectively</li></ul><img src=\"https://static.tigerbbs.com/9fd6a23b77549f58ef41bd23b5de74c0\" tg-width=\"656\" tg-height=\"385\" referrerpolicy=\"no-referrer\">And while hedge funds shorted tech, the Goldman US Consumer Discretionary sector saw the largest net buying in three months driven by E-Commerce stocks. As a result, the GS Prime book is now O/W US Consumer Discretionary by +3.3% vs. the S&amp;P 500,which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.<blockquote><ul><li>信息技术是本周表现最差的板块，也是迄今为止 GS Prime book 净卖出最多的板块，其驱动力是卖空量以 7 比 1 超过多头买入。</li><li>信息科技股连续第三周净卖出，并出现自去年 8 月以来最大的周/周净卖出 (-1.6 SDs)。子行业层面的净交易流量有所不同——半成品和半设备、软件和电子设备是净卖出最多的，而通信设备和 IT 服务是净买入最多的。</li><li>与 MSCI World 相比，对冲基金目前持有信息科技股 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</li><li>从行业集团的角度来看，对冲基金仍然是O/W软件和SVC，增长了+4.7%（第28个百分位），U/W半设备和技术硬件分别增长了-1.6%（第13个百分位）和-4.3%（第18个百分位）</li></ul>尽管对冲基金做空科技股，但在电子商务股票的推动下，高盛美国非必需消费品行业出现了三个月来最大的净买入。因此，与标普500相比，GS Prime book 目前比美国非必需消费品上涨 +3.3%，与过去一年相比处于第 9 个百分位，与过去五年相比处于第 50 个百分位.</blockquote><ul><li>In $ terms, Consumer Discretionary was the most net bought US sector on the GS Prime book this week, driven by risk-on flows with long buys outpacing short sales 4 to 1.</li><li>The sector’s aggregate long/short ratio (MV) on the GS Prime book ended the week at 2.53, which is in the 2nd percentile vs. the past year and in the 77th percentile vs. the past five years. The GS Prime book is now O/W US Consumer Discretionary stocks by +3.3% vs. the S&amp;P 500, which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.</li></ul><img src=\"https://static.tigerbbs.com/f91bb2509f471f3239a9d3978a8a1581\" tg-width=\"656\" tg-height=\"383\" referrerpolicy=\"no-referrer\"><blockquote><ul><li>以美元计算，非必需消费品是本周 GS Prime book 上净买入最多的美国板块，受风险偏好资金的推动，多头买入数量超过卖空数量的 4 比 1。</li><li>GS Prime book 上该行业的总多空比率 (MV) 本周结束时为 2.53，与去年相比处于第 2 个百分位，与过去五年相比处于第 77 个百分位。与标普500相比，GS Prime book现在O/W美国非必需消费品库存+3.3%，与去年相比处于第9个百分位，与过去五年相比处于第50个百分位。</li></ul></blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hedge Fund Gross Leverage Hits All Time High As HFs Furiously Short Tech Stocks<blockquote>HFs 疯狂做空科技股，对冲基金总杠杆创历史新高</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHedge Fund Gross Leverage Hits All Time High As HFs Furiously Short Tech Stocks<blockquote>HFs 疯狂做空科技股，对冲基金总杠杆创历史新高</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nzerohedge2021-05-11 15:29\n\n</h4>\n</header>\n<article>\nHedge funds had another rough week according to Goldman's Prime Brokerage, with the GS Equity Fundamental L/S&nbsp; Performance Estimate falling -1.68% between 4/30 and 5/6 (vs MSCI World TR -0.33%), driven by alpha of -1.11% – the worst weekly alpha in two months – and to a lesser extent beta of -0.57% (from market exposure and the market sensitivity factor combined). As a result, global fundamental equity L/S hedge funds lost almost two-thirds of their YTD gains in just the past week, bringing their total YTD return to just 0.97% in what is setting up as another dismal year for the 2 and 20 crowd.<blockquote>根据高盛的主要经纪公司的数据，对冲基金又经历了艰难的一周，GS Equity基本面L/S业绩预期在4月30日至5月6日之间下跌了-1.68%（相对于摩根士丹利资本国际世界TR-0.33%），这是由-1.11%的alpha（两个月来最差的每周alpha）和-0.57%的贝塔（来自市场敞口和市场敏感性因素的结合）推动的。结果，全球基本面股票L/S对冲基金在过去一周就损失了近三分之二的年初至今收益，使其年初至今总回报率仅为0.97%，这对2岁和20岁的人群来说又是一个惨淡的一年。</blockquote><img src=\"https://static.tigerbbs.com/4c1d262955a001211ed92ecfceca5b3d\" tg-width=\"501\" tg-height=\"472\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>What is remarkable is just how sensitive to overall market beta the hedge fund space has become, and there is a reason for that: according to Goldman Prime,overall book Gross leverage rose +1.7 pts to 247.1%, the highest on record,while Net leverage fell -0.9 pts to 88.2% (not quite an all time high, but still 87th percentile).<blockquote>值得注意的是，对冲基金领域对整体市场贝塔值变得如此敏感，这是有原因的：根据高盛Prime的数据，整体账面总杠杆率上升 +1.7 个百分点至 247.1%，创历史新高，而净杠杆率下降-0.9个百分点至88.2%（虽然不是历史最高水平，但仍处于第87个百分位）。</blockquote><img src=\"https://static.tigerbbs.com/8e8665b4387577b4f2b41e5791e348b3\" tg-width=\"1087\" tg-height=\"487\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>Looking at the composition of hedge fund purchases,the overall GS Prime book was modestly net bought again in the past week(+0.15 SDs), driven by risk-on flows as long buys outpaced short sales. Specifically, single Names were net bought while Macro Products (Index and ETF combined) were net sold. North America and to a lesser extent Europe were net bought driven by long buys, while DM Asia and EM Asia were net sold driven by short sales. 8 of 11 global sectors were net bought led in $ terms by Consumer Disc, Health Care, Staples and Real Estate, while Info Tech, Materials, and Financials were net sold.<blockquote>从对冲基金购买的构成来看，过去一周，GS Prime book 的整体净购买量再次温和（+0.15 SDs），由风险流动驱动，因为多头买入超过了卖空。具体来说，单个名称被净买入，而宏观产品（指数和 ETF 合并）被净卖出。北美以及在较小程度上欧洲是由多头买入驱动的净买入，而DM Asia和EM Asia是由卖空驱动的净卖出。11个全球板块中有8个被净买入，以美元计算，其中消费光盘、医疗保健、必需品和房地产为首，而信息技术、材料和金融则被净卖出。</blockquote>Meanwhile, continuing the trend first observed last weekwhen we noted that hedge funds shorted tech sharesfor 9 of the previous 10 days, Goldman notes thatInfo Tech saw the largest net selling in nine months as managers reduced exposure for a third straight week.And in a surprise reversal to months of bullishness on IT, GS Prime points out that hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.<blockquote>与此同时，高盛继续上周首次观察到的趋势，当时我们注意到对冲基金在过去 10 天中有 9 天做空了科技股，高盛指出：由于经理们连续第三周减少敞口，信息技术行业出现了九个月来最大的净销售额。GS Prime 指出，对冲基金目前对跑输大盘信息科技股的看涨情绪出人意料地逆转，相对于 MSCI World，对冲基金的看涨情绪目前下跌了 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</blockquote>Some more details from the Goldman reports:<blockquote>高盛报告中的更多细节：</blockquote><ul><li>Info Tech, the worst performing sector this week,was also by far the most net sold sector on the GS Prime book driven by short sales outpacing long buys 7 to 1.</li><li>Info Tech stocks were net sold for a third straight week and saw the largest week/week $ net selling since last August (-1.6 SDs). Net trading flow diverged on a subsector level – Semis &amp; Semi Equip, Software, and Electronic Equip were the most net sold, while Comm Equip and IT Services were the most net bought.</li><li>Hedge funds are currently U/W Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.</li><li>From an industry group standpoint, hedge funds are still O/W Software &amp; Svcs by +4.7% (28th percentile) and U/W Semis &amp; Semi Equip and Tech Hardware by -1.6% (13th percentile) and -4.3% (18th percentile), respectively</li></ul><img src=\"https://static.tigerbbs.com/9fd6a23b77549f58ef41bd23b5de74c0\" tg-width=\"656\" tg-height=\"385\" referrerpolicy=\"no-referrer\">And while hedge funds shorted tech, the Goldman US Consumer Discretionary sector saw the largest net buying in three months driven by E-Commerce stocks. As a result, the GS Prime book is now O/W US Consumer Discretionary by +3.3% vs. the S&amp;P 500,which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.<blockquote><ul><li>信息技术是本周表现最差的板块，也是迄今为止 GS Prime book 净卖出最多的板块，其驱动力是卖空量以 7 比 1 超过多头买入。</li><li>信息科技股连续第三周净卖出，并出现自去年 8 月以来最大的周/周净卖出 (-1.6 SDs)。子行业层面的净交易流量有所不同——半成品和半设备、软件和电子设备是净卖出最多的，而通信设备和 IT 服务是净买入最多的。</li><li>与 MSCI World 相比，对冲基金目前持有信息科技股 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</li><li>从行业集团的角度来看，对冲基金仍然是O/W软件和SVC，增长了+4.7%（第28个百分位），U/W半设备和技术硬件分别增长了-1.6%（第13个百分位）和-4.3%（第18个百分位）</li></ul>尽管对冲基金做空科技股，但在电子商务股票的推动下，高盛美国非必需消费品行业出现了三个月来最大的净买入。因此，与标普500相比，GS Prime book 目前比美国非必需消费品上涨 +3.3%，与过去一年相比处于第 9 个百分位，与过去五年相比处于第 50 个百分位.</blockquote><ul><li>In $ terms, Consumer Discretionary was the most net bought US sector on the GS Prime book this week, driven by risk-on flows with long buys outpacing short sales 4 to 1.</li><li>The sector’s aggregate long/short ratio (MV) on the GS Prime book ended the week at 2.53, which is in the 2nd percentile vs. the past year and in the 77th percentile vs. the past five years. The GS Prime book is now O/W US Consumer Discretionary stocks by +3.3% vs. the S&amp;P 500, which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.</li></ul><img src=\"https://static.tigerbbs.com/f91bb2509f471f3239a9d3978a8a1581\" tg-width=\"656\" tg-height=\"383\" referrerpolicy=\"no-referrer\"><blockquote><ul><li>以美元计算，非必需消费品是本周 GS Prime book 上净买入最多的美国板块，受风险偏好资金的推动，多头买入数量超过卖空数量的 4 比 1。</li><li>GS Prime book 上该行业的总多空比率 (MV) 本周结束时为 2.53，与去年相比处于第 2 个百分位，与过去五年相比处于第 77 个百分位。与标普500相比，GS Prime book现在O/W美国非必需消费品库存+3.3%，与去年相比处于第9个百分位，与过去五年相比处于第50个百分位。</li></ul></blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.zerohedge.com/markets/hedge-fund-gross-leverage-hits-all-time-high-hfs-furiously-short-tech-stocks\">zerohedge</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","NDX":"纳斯达克100指数"},"source_url":"https://www.zerohedge.com/markets/hedge-fund-gross-leverage-hits-all-time-high-hfs-furiously-short-tech-stocks","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148549916","content_text":"Hedge funds had another rough week according to Goldman's Prime Brokerage, with the GS Equity Fundamental L/S  Performance Estimate falling -1.68% between 4/30 and 5/6 (vs MSCI World TR -0.33%), driven by alpha of -1.11% – the worst weekly alpha in two months – and to a lesser extent beta of -0.57% (from market exposure and the market sensitivity factor combined). As a result, global fundamental equity L/S hedge funds lost almost two-thirds of their YTD gains in just the past week, bringing their total YTD return to just 0.97% in what is setting up as another dismal year for the 2 and 20 crowd.What is remarkable is just how sensitive to overall market beta the hedge fund space has become, and there is a reason for that: according to Goldman Prime,overall book Gross leverage rose +1.7 pts to 247.1%, the highest on record,while Net leverage fell -0.9 pts to 88.2% (not quite an all time high, but still 87th percentile).Looking at the composition of hedge fund purchases,the overall GS Prime book was modestly net bought again in the past week(+0.15 SDs), driven by risk-on flows as long buys outpaced short sales. Specifically, single Names were net bought while Macro Products (Index and ETF combined) were net sold. North America and to a lesser extent Europe were net bought driven by long buys, while DM Asia and EM Asia were net sold driven by short sales. 8 of 11 global sectors were net bought led in $ terms by Consumer Disc, Health Care, Staples and Real Estate, while Info Tech, Materials, and Financials were net sold.Meanwhile, continuing the trend first observed last weekwhen we noted that hedge funds shorted tech sharesfor 9 of the previous 10 days, Goldman notes thatInfo Tech saw the largest net selling in nine months as managers reduced exposure for a third straight week.And in a surprise reversal to months of bullishness on IT, GS Prime points out that hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.Some more details from the Goldman reports:Info Tech, the worst performing sector this week,was also by far the most net sold sector on the GS Prime book driven by short sales outpacing long buys 7 to 1.Info Tech stocks were net sold for a third straight week and saw the largest week/week $ net selling since last August (-1.6 SDs). Net trading flow diverged on a subsector level – Semis & Semi Equip, Software, and Electronic Equip were the most net sold, while Comm Equip and IT Services were the most net bought.Hedge funds are currently U/W Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.From an industry group standpoint, hedge funds are still O/W Software & Svcs by +4.7% (28th percentile) and U/W Semis & Semi Equip and Tech Hardware by -1.6% (13th percentile) and -4.3% (18th percentile), respectivelyAnd while hedge funds shorted tech, the Goldman US Consumer Discretionary sector saw the largest net buying in three months driven by E-Commerce stocks. As a result, the GS Prime book is now O/W US Consumer Discretionary by +3.3% vs. the S&P 500,which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.In $ terms, Consumer Discretionary was the most net bought US sector on the GS Prime book this week, driven by risk-on flows with long buys outpacing short sales 4 to 1.The sector’s aggregate long/short ratio (MV) on the GS Prime book ended the week at 2.53, which is in the 2nd percentile vs. the past year and in the 77th percentile vs. the past five years. The GS Prime book is now O/W US Consumer Discretionary stocks by +3.3% vs. the S&P 500, which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.","news_type":1,"symbols_score_info":{".IXIC":0.9,"NDX":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4295747,"gmtCreate":1620773371496,"gmtModify":1635497742588,"authorId":3581815189387023,"author":{"id":3581815189387023,"idStr":"3581815189387023","authorId":3581815189387023,"name":"tanpy","avatar":"https://static.tigerbbs.com/ff3c5e4042dc24a526ab5f37a6d66137","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":193105686,"type":1,"supId":0,"prevId":0,"content":"ok","text":"ok","html":"ok"}],"langContent":"EN"},{"id":193105113,"gmtCreate":1620773250232,"gmtModify":1634196519423,"author":{"id":"3579506230138289","authorId":"3579506230138289","name":"BigMac8885","avatar":"https://static.tigerbbs.com/e583c75322dd4651672938ebba8683b7","vip":1,"crmLevel":11,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"3579506230138289","authorIdStr":"3579506230138289"},"htmlText":"Pls like and comment","listText":"Pls like and comment","text":"Pls like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/193105113","repostId":1148549916,"repostType":4,"repost":{"id":"1148549916","kind":"news","pubTimestamp":1620718159,"share":"https://www.laohunote.com/m/news/1148549916?lang=zh_CN&edition=full","pubTime":"2021-05-11 15:29","market":"us","language":"en","title":"Hedge Fund Gross Leverage Hits All Time High As HFs Furiously Short Tech Stocks<blockquote>HFs 疯狂做空科技股，对冲基金总杠杆创历史新高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1148549916","media":"zerohedge","summary":"Hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World, the lowest level since last November and in the 3rd percentile vs. the past five years.","content":"Hedge funds had another rough week according to Goldman's Prime Brokerage, with the GS Equity Fundamental L/S&nbsp; Performance Estimate falling -1.68% between 4/30 and 5/6 (vs MSCI World TR -0.33%), driven by alpha of -1.11% – the worst weekly alpha in two months – and to a lesser extent beta of -0.57% (from market exposure and the market sensitivity factor combined). As a result, global fundamental equity L/S hedge funds lost almost two-thirds of their YTD gains in just the past week, bringing their total YTD return to just 0.97% in what is setting up as another dismal year for the 2 and 20 crowd.<blockquote>根据高盛的主要经纪公司的数据，对冲基金又经历了艰难的一周，GS Equity基本面L/S业绩预期在4月30日至5月6日之间下跌了-1.68%（相对于摩根士丹利资本国际世界TR-0.33%），这是由-1.11%的alpha（两个月来最差的每周alpha）和-0.57%的贝塔（来自市场敞口和市场敏感性因素的结合）推动的。结果，全球基本面股票L/S对冲基金在过去一周就损失了近三分之二的年初至今收益，使其年初至今总回报率仅为0.97%，这对2岁和20岁的人群来说又是一个惨淡的一年。</blockquote><img src=\"https://static.tigerbbs.com/4c1d262955a001211ed92ecfceca5b3d\" tg-width=\"501\" tg-height=\"472\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>What is remarkable is just how sensitive to overall market beta the hedge fund space has become, and there is a reason for that: according to Goldman Prime,overall book Gross leverage rose +1.7 pts to 247.1%, the highest on record,while Net leverage fell -0.9 pts to 88.2% (not quite an all time high, but still 87th percentile).<blockquote>值得注意的是，对冲基金领域对整体市场贝塔值变得如此敏感，这是有原因的：根据高盛Prime的数据，整体账面总杠杆率上升 +1.7 个百分点至 247.1%，创历史新高，而净杠杆率下降-0.9个百分点至88.2%（虽然不是历史最高水平，但仍处于第87个百分位）。</blockquote><img src=\"https://static.tigerbbs.com/8e8665b4387577b4f2b41e5791e348b3\" tg-width=\"1087\" tg-height=\"487\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>Looking at the composition of hedge fund purchases,the overall GS Prime book was modestly net bought again in the past week(+0.15 SDs), driven by risk-on flows as long buys outpaced short sales. Specifically, single Names were net bought while Macro Products (Index and ETF combined) were net sold. North America and to a lesser extent Europe were net bought driven by long buys, while DM Asia and EM Asia were net sold driven by short sales. 8 of 11 global sectors were net bought led in $ terms by Consumer Disc, Health Care, Staples and Real Estate, while Info Tech, Materials, and Financials were net sold.<blockquote>从对冲基金购买的构成来看，过去一周，GS Prime book 的整体净购买量再次温和（+0.15 SDs），由风险流动驱动，因为多头买入超过了卖空。具体来说，单个名称被净买入，而宏观产品（指数和 ETF 合并）被净卖出。北美以及在较小程度上欧洲是由多头买入驱动的净买入，而DM Asia和EM Asia是由卖空驱动的净卖出。11个全球板块中有8个被净买入，以美元计算，其中消费光盘、医疗保健、必需品和房地产为首，而信息技术、材料和金融则被净卖出。</blockquote>Meanwhile, continuing the trend first observed last weekwhen we noted that hedge funds shorted tech sharesfor 9 of the previous 10 days, Goldman notes thatInfo Tech saw the largest net selling in nine months as managers reduced exposure for a third straight week.And in a surprise reversal to months of bullishness on IT, GS Prime points out that hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.<blockquote>与此同时，高盛继续上周首次观察到的趋势，当时我们注意到对冲基金在过去 10 天中有 9 天做空了科技股，高盛指出：由于经理们连续第三周减少敞口，信息技术行业出现了九个月来最大的净销售额。GS Prime 指出，对冲基金目前对跑输大盘信息科技股的看涨情绪出人意料地逆转，相对于 MSCI World，对冲基金的看涨情绪目前下跌了 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</blockquote>Some more details from the Goldman reports:<blockquote>高盛报告中的更多细节：</blockquote><ul><li>Info Tech, the worst performing sector this week,was also by far the most net sold sector on the GS Prime book driven by short sales outpacing long buys 7 to 1.</li><li>Info Tech stocks were net sold for a third straight week and saw the largest week/week $ net selling since last August (-1.6 SDs). Net trading flow diverged on a subsector level – Semis &amp; Semi Equip, Software, and Electronic Equip were the most net sold, while Comm Equip and IT Services were the most net bought.</li><li>Hedge funds are currently U/W Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.</li><li>From an industry group standpoint, hedge funds are still O/W Software &amp; Svcs by +4.7% (28th percentile) and U/W Semis &amp; Semi Equip and Tech Hardware by -1.6% (13th percentile) and -4.3% (18th percentile), respectively</li></ul><img src=\"https://static.tigerbbs.com/9fd6a23b77549f58ef41bd23b5de74c0\" tg-width=\"656\" tg-height=\"385\" referrerpolicy=\"no-referrer\">And while hedge funds shorted tech, the Goldman US Consumer Discretionary sector saw the largest net buying in three months driven by E-Commerce stocks. As a result, the GS Prime book is now O/W US Consumer Discretionary by +3.3% vs. the S&amp;P 500,which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.<blockquote><ul><li>信息技术是本周表现最差的板块，也是迄今为止 GS Prime book 净卖出最多的板块，其驱动力是卖空量以 7 比 1 超过多头买入。</li><li>信息科技股连续第三周净卖出，并出现自去年 8 月以来最大的周/周净卖出 (-1.6 SDs)。子行业层面的净交易流量有所不同——半成品和半设备、软件和电子设备是净卖出最多的，而通信设备和 IT 服务是净买入最多的。</li><li>与 MSCI World 相比，对冲基金目前持有信息科技股 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</li><li>从行业集团的角度来看，对冲基金仍然是O/W软件和SVC，增长了+4.7%（第28个百分位），U/W半设备和技术硬件分别增长了-1.6%（第13个百分位）和-4.3%（第18个百分位）</li></ul>尽管对冲基金做空科技股，但在电子商务股票的推动下，高盛美国非必需消费品行业出现了三个月来最大的净买入。因此，与标普500相比，GS Prime book 目前比美国非必需消费品上涨 +3.3%，与过去一年相比处于第 9 个百分位，与过去五年相比处于第 50 个百分位.</blockquote><ul><li>In $ terms, Consumer Discretionary was the most net bought US sector on the GS Prime book this week, driven by risk-on flows with long buys outpacing short sales 4 to 1.</li><li>The sector’s aggregate long/short ratio (MV) on the GS Prime book ended the week at 2.53, which is in the 2nd percentile vs. the past year and in the 77th percentile vs. the past five years. The GS Prime book is now O/W US Consumer Discretionary stocks by +3.3% vs. the S&amp;P 500, which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.</li></ul><img src=\"https://static.tigerbbs.com/f91bb2509f471f3239a9d3978a8a1581\" tg-width=\"656\" tg-height=\"383\" referrerpolicy=\"no-referrer\"><blockquote><ul><li>以美元计算，非必需消费品是本周 GS Prime book 上净买入最多的美国板块，受风险偏好资金的推动，多头买入数量超过卖空数量的 4 比 1。</li><li>GS Prime book 上该行业的总多空比率 (MV) 本周结束时为 2.53，与去年相比处于第 2 个百分位，与过去五年相比处于第 77 个百分位。与标普500相比，GS Prime book现在O/W美国非必需消费品库存+3.3%，与去年相比处于第9个百分位，与过去五年相比处于第50个百分位。</li></ul></blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hedge Fund Gross Leverage Hits All Time High As HFs Furiously Short Tech Stocks<blockquote>HFs 疯狂做空科技股，对冲基金总杠杆创历史新高</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHedge Fund Gross Leverage Hits All Time High As HFs Furiously Short Tech Stocks<blockquote>HFs 疯狂做空科技股，对冲基金总杠杆创历史新高</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nzerohedge2021-05-11 15:29\n\n</h4>\n</header>\n<article>\nHedge funds had another rough week according to Goldman's Prime Brokerage, with the GS Equity Fundamental L/S&nbsp; Performance Estimate falling -1.68% between 4/30 and 5/6 (vs MSCI World TR -0.33%), driven by alpha of -1.11% – the worst weekly alpha in two months – and to a lesser extent beta of -0.57% (from market exposure and the market sensitivity factor combined). As a result, global fundamental equity L/S hedge funds lost almost two-thirds of their YTD gains in just the past week, bringing their total YTD return to just 0.97% in what is setting up as another dismal year for the 2 and 20 crowd.<blockquote>根据高盛的主要经纪公司的数据，对冲基金又经历了艰难的一周，GS Equity基本面L/S业绩预期在4月30日至5月6日之间下跌了-1.68%（相对于摩根士丹利资本国际世界TR-0.33%），这是由-1.11%的alpha（两个月来最差的每周alpha）和-0.57%的贝塔（来自市场敞口和市场敏感性因素的结合）推动的。结果，全球基本面股票L/S对冲基金在过去一周就损失了近三分之二的年初至今收益，使其年初至今总回报率仅为0.97%，这对2岁和20岁的人群来说又是一个惨淡的一年。</blockquote><img src=\"https://static.tigerbbs.com/4c1d262955a001211ed92ecfceca5b3d\" tg-width=\"501\" tg-height=\"472\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>What is remarkable is just how sensitive to overall market beta the hedge fund space has become, and there is a reason for that: according to Goldman Prime,overall book Gross leverage rose +1.7 pts to 247.1%, the highest on record,while Net leverage fell -0.9 pts to 88.2% (not quite an all time high, but still 87th percentile).<blockquote>值得注意的是，对冲基金领域对整体市场贝塔值变得如此敏感，这是有原因的：根据高盛Prime的数据，整体账面总杠杆率上升 +1.7 个百分点至 247.1%，创历史新高，而净杠杆率下降-0.9个百分点至88.2%（虽然不是历史最高水平，但仍处于第87个百分位）。</blockquote><img src=\"https://static.tigerbbs.com/8e8665b4387577b4f2b41e5791e348b3\" tg-width=\"1087\" tg-height=\"487\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>Looking at the composition of hedge fund purchases,the overall GS Prime book was modestly net bought again in the past week(+0.15 SDs), driven by risk-on flows as long buys outpaced short sales. Specifically, single Names were net bought while Macro Products (Index and ETF combined) were net sold. North America and to a lesser extent Europe were net bought driven by long buys, while DM Asia and EM Asia were net sold driven by short sales. 8 of 11 global sectors were net bought led in $ terms by Consumer Disc, Health Care, Staples and Real Estate, while Info Tech, Materials, and Financials were net sold.<blockquote>从对冲基金购买的构成来看，过去一周，GS Prime book 的整体净购买量再次温和（+0.15 SDs），由风险流动驱动，因为多头买入超过了卖空。具体来说，单个名称被净买入，而宏观产品（指数和 ETF 合并）被净卖出。北美以及在较小程度上欧洲是由多头买入驱动的净买入，而DM Asia和EM Asia是由卖空驱动的净卖出。11个全球板块中有8个被净买入，以美元计算，其中消费光盘、医疗保健、必需品和房地产为首，而信息技术、材料和金融则被净卖出。</blockquote>Meanwhile, continuing the trend first observed last weekwhen we noted that hedge funds shorted tech sharesfor 9 of the previous 10 days, Goldman notes thatInfo Tech saw the largest net selling in nine months as managers reduced exposure for a third straight week.And in a surprise reversal to months of bullishness on IT, GS Prime points out that hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.<blockquote>与此同时，高盛继续上周首次观察到的趋势，当时我们注意到对冲基金在过去 10 天中有 9 天做空了科技股，高盛指出：由于经理们连续第三周减少敞口，信息技术行业出现了九个月来最大的净销售额。GS Prime 指出，对冲基金目前对跑输大盘信息科技股的看涨情绪出人意料地逆转，相对于 MSCI World，对冲基金的看涨情绪目前下跌了 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</blockquote>Some more details from the Goldman reports:<blockquote>高盛报告中的更多细节：</blockquote><ul><li>Info Tech, the worst performing sector this week,was also by far the most net sold sector on the GS Prime book driven by short sales outpacing long buys 7 to 1.</li><li>Info Tech stocks were net sold for a third straight week and saw the largest week/week $ net selling since last August (-1.6 SDs). Net trading flow diverged on a subsector level – Semis &amp; Semi Equip, Software, and Electronic Equip were the most net sold, while Comm Equip and IT Services were the most net bought.</li><li>Hedge funds are currently U/W Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.</li><li>From an industry group standpoint, hedge funds are still O/W Software &amp; Svcs by +4.7% (28th percentile) and U/W Semis &amp; Semi Equip and Tech Hardware by -1.6% (13th percentile) and -4.3% (18th percentile), respectively</li></ul><img src=\"https://static.tigerbbs.com/9fd6a23b77549f58ef41bd23b5de74c0\" tg-width=\"656\" tg-height=\"385\" referrerpolicy=\"no-referrer\">And while hedge funds shorted tech, the Goldman US Consumer Discretionary sector saw the largest net buying in three months driven by E-Commerce stocks. As a result, the GS Prime book is now O/W US Consumer Discretionary by +3.3% vs. the S&amp;P 500,which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.<blockquote><ul><li>信息技术是本周表现最差的板块，也是迄今为止 GS Prime book 净卖出最多的板块，其驱动力是卖空量以 7 比 1 超过多头买入。</li><li>信息科技股连续第三周净卖出，并出现自去年 8 月以来最大的周/周净卖出 (-1.6 SDs)。子行业层面的净交易流量有所不同——半成品和半设备、软件和电子设备是净卖出最多的，而通信设备和 IT 服务是净买入最多的。</li><li>与 MSCI World 相比，对冲基金目前持有信息科技股 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</li><li>从行业集团的角度来看，对冲基金仍然是O/W软件和SVC，增长了+4.7%（第28个百分位），U/W半设备和技术硬件分别增长了-1.6%（第13个百分位）和-4.3%（第18个百分位）</li></ul>尽管对冲基金做空科技股，但在电子商务股票的推动下，高盛美国非必需消费品行业出现了三个月来最大的净买入。因此，与标普500相比，GS Prime book 目前比美国非必需消费品上涨 +3.3%，与过去一年相比处于第 9 个百分位，与过去五年相比处于第 50 个百分位.</blockquote><ul><li>In $ terms, Consumer Discretionary was the most net bought US sector on the GS Prime book this week, driven by risk-on flows with long buys outpacing short sales 4 to 1.</li><li>The sector’s aggregate long/short ratio (MV) on the GS Prime book ended the week at 2.53, which is in the 2nd percentile vs. the past year and in the 77th percentile vs. the past five years. The GS Prime book is now O/W US Consumer Discretionary stocks by +3.3% vs. the S&amp;P 500, which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.</li></ul><img src=\"https://static.tigerbbs.com/f91bb2509f471f3239a9d3978a8a1581\" tg-width=\"656\" tg-height=\"383\" referrerpolicy=\"no-referrer\"><blockquote><ul><li>以美元计算，非必需消费品是本周 GS Prime book 上净买入最多的美国板块，受风险偏好资金的推动，多头买入数量超过卖空数量的 4 比 1。</li><li>GS Prime book 上该行业的总多空比率 (MV) 本周结束时为 2.53，与去年相比处于第 2 个百分位，与过去五年相比处于第 77 个百分位。与标普500相比，GS Prime book现在O/W美国非必需消费品库存+3.3%，与去年相比处于第9个百分位，与过去五年相比处于第50个百分位。</li></ul></blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.zerohedge.com/markets/hedge-fund-gross-leverage-hits-all-time-high-hfs-furiously-short-tech-stocks\">zerohedge</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","NDX":"纳斯达克100指数"},"source_url":"https://www.zerohedge.com/markets/hedge-fund-gross-leverage-hits-all-time-high-hfs-furiously-short-tech-stocks","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148549916","content_text":"Hedge funds had another rough week according to Goldman's Prime Brokerage, with the GS Equity Fundamental L/S  Performance Estimate falling -1.68% between 4/30 and 5/6 (vs MSCI World TR -0.33%), driven by alpha of -1.11% – the worst weekly alpha in two months – and to a lesser extent beta of -0.57% (from market exposure and the market sensitivity factor combined). As a result, global fundamental equity L/S hedge funds lost almost two-thirds of their YTD gains in just the past week, bringing their total YTD return to just 0.97% in what is setting up as another dismal year for the 2 and 20 crowd.What is remarkable is just how sensitive to overall market beta the hedge fund space has become, and there is a reason for that: according to Goldman Prime,overall book Gross leverage rose +1.7 pts to 247.1%, the highest on record,while Net leverage fell -0.9 pts to 88.2% (not quite an all time high, but still 87th percentile).Looking at the composition of hedge fund purchases,the overall GS Prime book was modestly net bought again in the past week(+0.15 SDs), driven by risk-on flows as long buys outpaced short sales. Specifically, single Names were net bought while Macro Products (Index and ETF combined) were net sold. North America and to a lesser extent Europe were net bought driven by long buys, while DM Asia and EM Asia were net sold driven by short sales. 8 of 11 global sectors were net bought led in $ terms by Consumer Disc, Health Care, Staples and Real Estate, while Info Tech, Materials, and Financials were net sold.Meanwhile, continuing the trend first observed last weekwhen we noted that hedge funds shorted tech sharesfor 9 of the previous 10 days, Goldman notes thatInfo Tech saw the largest net selling in nine months as managers reduced exposure for a third straight week.And in a surprise reversal to months of bullishness on IT, GS Prime points out that hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.Some more details from the Goldman reports:Info Tech, the worst performing sector this week,was also by far the most net sold sector on the GS Prime book driven by short sales outpacing long buys 7 to 1.Info Tech stocks were net sold for a third straight week and saw the largest week/week $ net selling since last August (-1.6 SDs). Net trading flow diverged on a subsector level – Semis & Semi Equip, Software, and Electronic Equip were the most net sold, while Comm Equip and IT Services were the most net bought.Hedge funds are currently U/W Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.From an industry group standpoint, hedge funds are still O/W Software & Svcs by +4.7% (28th percentile) and U/W Semis & Semi Equip and Tech Hardware by -1.6% (13th percentile) and -4.3% (18th percentile), respectivelyAnd while hedge funds shorted tech, the Goldman US Consumer Discretionary sector saw the largest net buying in three months driven by E-Commerce stocks. As a result, the GS Prime book is now O/W US Consumer Discretionary by +3.3% vs. the S&P 500,which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.In $ terms, Consumer Discretionary was the most net bought US sector on the GS Prime book this week, driven by risk-on flows with long buys outpacing short sales 4 to 1.The sector’s aggregate long/short ratio (MV) on the GS Prime book ended the week at 2.53, which is in the 2nd percentile vs. the past year and in the 77th percentile vs. the past five years. The GS Prime book is now O/W US Consumer Discretionary stocks by +3.3% vs. the S&P 500, which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.","news_type":1,"symbols_score_info":{".IXIC":0.9,"NDX":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4295731,"gmtCreate":1620773271990,"gmtModify":1635497743563,"authorId":3577533316536359,"author":{"id":3577533316536359,"idStr":"3577533316536359","authorId":3577533316536359,"name":"PeggyOng","avatar":"https://static.tigerbbs.com/0ba33d8bb922b582c69d5a608b385281","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":193105113,"type":1,"supId":0,"prevId":0,"content":"Done","text":"Done","html":"Done"},{"id":4295734,"gmtCreate":1620773287823,"gmtModify":1635497743344,"authorId":3579506230138289,"author":{"id":3579506230138289,"idStr":"3579506230138289","authorId":3579506230138289,"name":"BigMac8885","avatar":"https://static.tigerbbs.com/e583c75322dd4651672938ebba8683b7","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":193105113,"type":1,"supId":4295731,"prevId":0,"content":"ThaNks ","text":"ThaNks ","html":"ThaNks "}],"langContent":"EN"},{"id":193106482,"gmtCreate":1620773187146,"gmtModify":1634196520831,"author":{"id":"3562566709596645","authorId":"3562566709596645","name":"Flameon","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":13,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"3562566709596645","authorIdStr":"3562566709596645"},"htmlText":"Comment and like pls","listText":"Comment and like pls","text":"Comment and like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/193106482","repostId":1148549916,"repostType":4,"repost":{"id":"1148549916","kind":"news","pubTimestamp":1620718159,"share":"https://www.laohunote.com/m/news/1148549916?lang=zh_CN&edition=full","pubTime":"2021-05-11 15:29","market":"us","language":"en","title":"Hedge Fund Gross Leverage Hits All Time High As HFs Furiously Short Tech Stocks<blockquote>HFs 疯狂做空科技股，对冲基金总杠杆创历史新高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1148549916","media":"zerohedge","summary":"Hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World, the lowest level since last November and in the 3rd percentile vs. the past five years.","content":"Hedge funds had another rough week according to Goldman's Prime Brokerage, with the GS Equity Fundamental L/S&nbsp; Performance Estimate falling -1.68% between 4/30 and 5/6 (vs MSCI World TR -0.33%), driven by alpha of -1.11% – the worst weekly alpha in two months – and to a lesser extent beta of -0.57% (from market exposure and the market sensitivity factor combined). As a result, global fundamental equity L/S hedge funds lost almost two-thirds of their YTD gains in just the past week, bringing their total YTD return to just 0.97% in what is setting up as another dismal year for the 2 and 20 crowd.<blockquote>根据高盛的主要经纪公司的数据，对冲基金又经历了艰难的一周，GS Equity基本面L/S业绩预期在4月30日至5月6日之间下跌了-1.68%（相对于摩根士丹利资本国际世界TR-0.33%），这是由-1.11%的alpha（两个月来最差的每周alpha）和-0.57%的贝塔（来自市场敞口和市场敏感性因素的结合）推动的。结果，全球基本面股票L/S对冲基金在过去一周就损失了近三分之二的年初至今收益，使其年初至今总回报率仅为0.97%，这对2岁和20岁的人群来说又是一个惨淡的一年。</blockquote><img src=\"https://static.tigerbbs.com/4c1d262955a001211ed92ecfceca5b3d\" tg-width=\"501\" tg-height=\"472\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>What is remarkable is just how sensitive to overall market beta the hedge fund space has become, and there is a reason for that: according to Goldman Prime,overall book Gross leverage rose +1.7 pts to 247.1%, the highest on record,while Net leverage fell -0.9 pts to 88.2% (not quite an all time high, but still 87th percentile).<blockquote>值得注意的是，对冲基金领域对整体市场贝塔值变得如此敏感，这是有原因的：根据高盛Prime的数据，整体账面总杠杆率上升 +1.7 个百分点至 247.1%，创历史新高，而净杠杆率下降-0.9个百分点至88.2%（虽然不是历史最高水平，但仍处于第87个百分位）。</blockquote><img src=\"https://static.tigerbbs.com/8e8665b4387577b4f2b41e5791e348b3\" tg-width=\"1087\" tg-height=\"487\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>Looking at the composition of hedge fund purchases,the overall GS Prime book was modestly net bought again in the past week(+0.15 SDs), driven by risk-on flows as long buys outpaced short sales. Specifically, single Names were net bought while Macro Products (Index and ETF combined) were net sold. North America and to a lesser extent Europe were net bought driven by long buys, while DM Asia and EM Asia were net sold driven by short sales. 8 of 11 global sectors were net bought led in $ terms by Consumer Disc, Health Care, Staples and Real Estate, while Info Tech, Materials, and Financials were net sold.<blockquote>从对冲基金购买的构成来看，过去一周，GS Prime book 的整体净购买量再次温和（+0.15 SDs），由风险流动驱动，因为多头买入超过了卖空。具体来说，单个名称被净买入，而宏观产品（指数和 ETF 合并）被净卖出。北美以及在较小程度上欧洲是由多头买入驱动的净买入，而DM Asia和EM Asia是由卖空驱动的净卖出。11个全球板块中有8个被净买入，以美元计算，其中消费光盘、医疗保健、必需品和房地产为首，而信息技术、材料和金融则被净卖出。</blockquote>Meanwhile, continuing the trend first observed last weekwhen we noted that hedge funds shorted tech sharesfor 9 of the previous 10 days, Goldman notes thatInfo Tech saw the largest net selling in nine months as managers reduced exposure for a third straight week.And in a surprise reversal to months of bullishness on IT, GS Prime points out that hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.<blockquote>与此同时，高盛继续上周首次观察到的趋势，当时我们注意到对冲基金在过去 10 天中有 9 天做空了科技股，高盛指出：由于经理们连续第三周减少敞口，信息技术行业出现了九个月来最大的净销售额。GS Prime 指出，对冲基金目前对跑输大盘信息科技股的看涨情绪出人意料地逆转，相对于 MSCI World，对冲基金的看涨情绪目前下跌了 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</blockquote>Some more details from the Goldman reports:<blockquote>高盛报告中的更多细节：</blockquote><ul><li>Info Tech, the worst performing sector this week,was also by far the most net sold sector on the GS Prime book driven by short sales outpacing long buys 7 to 1.</li><li>Info Tech stocks were net sold for a third straight week and saw the largest week/week $ net selling since last August (-1.6 SDs). Net trading flow diverged on a subsector level – Semis &amp; Semi Equip, Software, and Electronic Equip were the most net sold, while Comm Equip and IT Services were the most net bought.</li><li>Hedge funds are currently U/W Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.</li><li>From an industry group standpoint, hedge funds are still O/W Software &amp; Svcs by +4.7% (28th percentile) and U/W Semis &amp; Semi Equip and Tech Hardware by -1.6% (13th percentile) and -4.3% (18th percentile), respectively</li></ul><img src=\"https://static.tigerbbs.com/9fd6a23b77549f58ef41bd23b5de74c0\" tg-width=\"656\" tg-height=\"385\" referrerpolicy=\"no-referrer\">And while hedge funds shorted tech, the Goldman US Consumer Discretionary sector saw the largest net buying in three months driven by E-Commerce stocks. As a result, the GS Prime book is now O/W US Consumer Discretionary by +3.3% vs. the S&amp;P 500,which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.<blockquote><ul><li>信息技术是本周表现最差的板块，也是迄今为止 GS Prime book 净卖出最多的板块，其驱动力是卖空量以 7 比 1 超过多头买入。</li><li>信息科技股连续第三周净卖出，并出现自去年 8 月以来最大的周/周净卖出 (-1.6 SDs)。子行业层面的净交易流量有所不同——半成品和半设备、软件和电子设备是净卖出最多的，而通信设备和 IT 服务是净买入最多的。</li><li>与 MSCI World 相比，对冲基金目前持有信息科技股 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</li><li>从行业集团的角度来看，对冲基金仍然是O/W软件和SVC，增长了+4.7%（第28个百分位），U/W半设备和技术硬件分别增长了-1.6%（第13个百分位）和-4.3%（第18个百分位）</li></ul>尽管对冲基金做空科技股，但在电子商务股票的推动下，高盛美国非必需消费品行业出现了三个月来最大的净买入。因此，与标普500相比，GS Prime book 目前比美国非必需消费品上涨 +3.3%，与过去一年相比处于第 9 个百分位，与过去五年相比处于第 50 个百分位.</blockquote><ul><li>In $ terms, Consumer Discretionary was the most net bought US sector on the GS Prime book this week, driven by risk-on flows with long buys outpacing short sales 4 to 1.</li><li>The sector’s aggregate long/short ratio (MV) on the GS Prime book ended the week at 2.53, which is in the 2nd percentile vs. the past year and in the 77th percentile vs. the past five years. The GS Prime book is now O/W US Consumer Discretionary stocks by +3.3% vs. the S&amp;P 500, which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.</li></ul><img src=\"https://static.tigerbbs.com/f91bb2509f471f3239a9d3978a8a1581\" tg-width=\"656\" tg-height=\"383\" referrerpolicy=\"no-referrer\"><blockquote><ul><li>以美元计算，非必需消费品是本周 GS Prime book 上净买入最多的美国板块，受风险偏好资金的推动，多头买入数量超过卖空数量的 4 比 1。</li><li>GS Prime book 上该行业的总多空比率 (MV) 本周结束时为 2.53，与去年相比处于第 2 个百分位，与过去五年相比处于第 77 个百分位。与标普500相比，GS Prime book现在O/W美国非必需消费品库存+3.3%，与去年相比处于第9个百分位，与过去五年相比处于第50个百分位。</li></ul></blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hedge Fund Gross Leverage Hits All Time High As HFs Furiously Short Tech Stocks<blockquote>HFs 疯狂做空科技股，对冲基金总杠杆创历史新高</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHedge Fund Gross Leverage Hits All Time High As HFs Furiously Short Tech Stocks<blockquote>HFs 疯狂做空科技股，对冲基金总杠杆创历史新高</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nzerohedge2021-05-11 15:29\n\n</h4>\n</header>\n<article>\nHedge funds had another rough week according to Goldman's Prime Brokerage, with the GS Equity Fundamental L/S&nbsp; Performance Estimate falling -1.68% between 4/30 and 5/6 (vs MSCI World TR -0.33%), driven by alpha of -1.11% – the worst weekly alpha in two months – and to a lesser extent beta of -0.57% (from market exposure and the market sensitivity factor combined). As a result, global fundamental equity L/S hedge funds lost almost two-thirds of their YTD gains in just the past week, bringing their total YTD return to just 0.97% in what is setting up as another dismal year for the 2 and 20 crowd.<blockquote>根据高盛的主要经纪公司的数据，对冲基金又经历了艰难的一周，GS Equity基本面L/S业绩预期在4月30日至5月6日之间下跌了-1.68%（相对于摩根士丹利资本国际世界TR-0.33%），这是由-1.11%的alpha（两个月来最差的每周alpha）和-0.57%的贝塔（来自市场敞口和市场敏感性因素的结合）推动的。结果，全球基本面股票L/S对冲基金在过去一周就损失了近三分之二的年初至今收益，使其年初至今总回报率仅为0.97%，这对2岁和20岁的人群来说又是一个惨淡的一年。</blockquote><img src=\"https://static.tigerbbs.com/4c1d262955a001211ed92ecfceca5b3d\" tg-width=\"501\" tg-height=\"472\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>What is remarkable is just how sensitive to overall market beta the hedge fund space has become, and there is a reason for that: according to Goldman Prime,overall book Gross leverage rose +1.7 pts to 247.1%, the highest on record,while Net leverage fell -0.9 pts to 88.2% (not quite an all time high, but still 87th percentile).<blockquote>值得注意的是，对冲基金领域对整体市场贝塔值变得如此敏感，这是有原因的：根据高盛Prime的数据，整体账面总杠杆率上升 +1.7 个百分点至 247.1%，创历史新高，而净杠杆率下降-0.9个百分点至88.2%（虽然不是历史最高水平，但仍处于第87个百分位）。</blockquote><img src=\"https://static.tigerbbs.com/8e8665b4387577b4f2b41e5791e348b3\" tg-width=\"1087\" tg-height=\"487\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>Looking at the composition of hedge fund purchases,the overall GS Prime book was modestly net bought again in the past week(+0.15 SDs), driven by risk-on flows as long buys outpaced short sales. Specifically, single Names were net bought while Macro Products (Index and ETF combined) were net sold. North America and to a lesser extent Europe were net bought driven by long buys, while DM Asia and EM Asia were net sold driven by short sales. 8 of 11 global sectors were net bought led in $ terms by Consumer Disc, Health Care, Staples and Real Estate, while Info Tech, Materials, and Financials were net sold.<blockquote>从对冲基金购买的构成来看，过去一周，GS Prime book 的整体净购买量再次温和（+0.15 SDs），由风险流动驱动，因为多头买入超过了卖空。具体来说，单个名称被净买入，而宏观产品（指数和 ETF 合并）被净卖出。北美以及在较小程度上欧洲是由多头买入驱动的净买入，而DM Asia和EM Asia是由卖空驱动的净卖出。11个全球板块中有8个被净买入，以美元计算，其中消费光盘、医疗保健、必需品和房地产为首，而信息技术、材料和金融则被净卖出。</blockquote>Meanwhile, continuing the trend first observed last weekwhen we noted that hedge funds shorted tech sharesfor 9 of the previous 10 days, Goldman notes thatInfo Tech saw the largest net selling in nine months as managers reduced exposure for a third straight week.And in a surprise reversal to months of bullishness on IT, GS Prime points out that hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.<blockquote>与此同时，高盛继续上周首次观察到的趋势，当时我们注意到对冲基金在过去 10 天中有 9 天做空了科技股，高盛指出：由于经理们连续第三周减少敞口，信息技术行业出现了九个月来最大的净销售额。GS Prime 指出，对冲基金目前对跑输大盘信息科技股的看涨情绪出人意料地逆转，相对于 MSCI World，对冲基金的看涨情绪目前下跌了 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</blockquote>Some more details from the Goldman reports:<blockquote>高盛报告中的更多细节：</blockquote><ul><li>Info Tech, the worst performing sector this week,was also by far the most net sold sector on the GS Prime book driven by short sales outpacing long buys 7 to 1.</li><li>Info Tech stocks were net sold for a third straight week and saw the largest week/week $ net selling since last August (-1.6 SDs). Net trading flow diverged on a subsector level – Semis &amp; Semi Equip, Software, and Electronic Equip were the most net sold, while Comm Equip and IT Services were the most net bought.</li><li>Hedge funds are currently U/W Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.</li><li>From an industry group standpoint, hedge funds are still O/W Software &amp; Svcs by +4.7% (28th percentile) and U/W Semis &amp; Semi Equip and Tech Hardware by -1.6% (13th percentile) and -4.3% (18th percentile), respectively</li></ul><img src=\"https://static.tigerbbs.com/9fd6a23b77549f58ef41bd23b5de74c0\" tg-width=\"656\" tg-height=\"385\" referrerpolicy=\"no-referrer\">And while hedge funds shorted tech, the Goldman US Consumer Discretionary sector saw the largest net buying in three months driven by E-Commerce stocks. As a result, the GS Prime book is now O/W US Consumer Discretionary by +3.3% vs. the S&amp;P 500,which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.<blockquote><ul><li>信息技术是本周表现最差的板块，也是迄今为止 GS Prime book 净卖出最多的板块，其驱动力是卖空量以 7 比 1 超过多头买入。</li><li>信息科技股连续第三周净卖出，并出现自去年 8 月以来最大的周/周净卖出 (-1.6 SDs)。子行业层面的净交易流量有所不同——半成品和半设备、软件和电子设备是净卖出最多的，而通信设备和 IT 服务是净买入最多的。</li><li>与 MSCI World 相比，对冲基金目前持有信息科技股 -1.4%，这是自去年11月以来的最低水平，与过去五年相比处于第三百分位。</li><li>从行业集团的角度来看，对冲基金仍然是O/W软件和SVC，增长了+4.7%（第28个百分位），U/W半设备和技术硬件分别增长了-1.6%（第13个百分位）和-4.3%（第18个百分位）</li></ul>尽管对冲基金做空科技股，但在电子商务股票的推动下，高盛美国非必需消费品行业出现了三个月来最大的净买入。因此，与标普500相比，GS Prime book 目前比美国非必需消费品上涨 +3.3%，与过去一年相比处于第 9 个百分位，与过去五年相比处于第 50 个百分位.</blockquote><ul><li>In $ terms, Consumer Discretionary was the most net bought US sector on the GS Prime book this week, driven by risk-on flows with long buys outpacing short sales 4 to 1.</li><li>The sector’s aggregate long/short ratio (MV) on the GS Prime book ended the week at 2.53, which is in the 2nd percentile vs. the past year and in the 77th percentile vs. the past five years. The GS Prime book is now O/W US Consumer Discretionary stocks by +3.3% vs. the S&amp;P 500, which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.</li></ul><img src=\"https://static.tigerbbs.com/f91bb2509f471f3239a9d3978a8a1581\" tg-width=\"656\" tg-height=\"383\" referrerpolicy=\"no-referrer\"><blockquote><ul><li>以美元计算，非必需消费品是本周 GS Prime book 上净买入最多的美国板块，受风险偏好资金的推动，多头买入数量超过卖空数量的 4 比 1。</li><li>GS Prime book 上该行业的总多空比率 (MV) 本周结束时为 2.53，与去年相比处于第 2 个百分位，与过去五年相比处于第 77 个百分位。与标普500相比，GS Prime book现在O/W美国非必需消费品库存+3.3%，与去年相比处于第9个百分位，与过去五年相比处于第50个百分位。</li></ul></blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.zerohedge.com/markets/hedge-fund-gross-leverage-hits-all-time-high-hfs-furiously-short-tech-stocks\">zerohedge</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","NDX":"纳斯达克100指数"},"source_url":"https://www.zerohedge.com/markets/hedge-fund-gross-leverage-hits-all-time-high-hfs-furiously-short-tech-stocks","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148549916","content_text":"Hedge funds had another rough week according to Goldman's Prime Brokerage, with the GS Equity Fundamental L/S  Performance Estimate falling -1.68% between 4/30 and 5/6 (vs MSCI World TR -0.33%), driven by alpha of -1.11% – the worst weekly alpha in two months – and to a lesser extent beta of -0.57% (from market exposure and the market sensitivity factor combined). As a result, global fundamental equity L/S hedge funds lost almost two-thirds of their YTD gains in just the past week, bringing their total YTD return to just 0.97% in what is setting up as another dismal year for the 2 and 20 crowd.What is remarkable is just how sensitive to overall market beta the hedge fund space has become, and there is a reason for that: according to Goldman Prime,overall book Gross leverage rose +1.7 pts to 247.1%, the highest on record,while Net leverage fell -0.9 pts to 88.2% (not quite an all time high, but still 87th percentile).Looking at the composition of hedge fund purchases,the overall GS Prime book was modestly net bought again in the past week(+0.15 SDs), driven by risk-on flows as long buys outpaced short sales. Specifically, single Names were net bought while Macro Products (Index and ETF combined) were net sold. North America and to a lesser extent Europe were net bought driven by long buys, while DM Asia and EM Asia were net sold driven by short sales. 8 of 11 global sectors were net bought led in $ terms by Consumer Disc, Health Care, Staples and Real Estate, while Info Tech, Materials, and Financials were net sold.Meanwhile, continuing the trend first observed last weekwhen we noted that hedge funds shorted tech sharesfor 9 of the previous 10 days, Goldman notes thatInfo Tech saw the largest net selling in nine months as managers reduced exposure for a third straight week.And in a surprise reversal to months of bullishness on IT, GS Prime points out that hedge funds are currently Underweight Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.Some more details from the Goldman reports:Info Tech, the worst performing sector this week,was also by far the most net sold sector on the GS Prime book driven by short sales outpacing long buys 7 to 1.Info Tech stocks were net sold for a third straight week and saw the largest week/week $ net selling since last August (-1.6 SDs). Net trading flow diverged on a subsector level – Semis & Semi Equip, Software, and Electronic Equip were the most net sold, while Comm Equip and IT Services were the most net bought.Hedge funds are currently U/W Info Tech stocks by -1.4% vs. the MSCI World,the lowest level since last November and in the 3rd percentile vs. the past five years.From an industry group standpoint, hedge funds are still O/W Software & Svcs by +4.7% (28th percentile) and U/W Semis & Semi Equip and Tech Hardware by -1.6% (13th percentile) and -4.3% (18th percentile), respectivelyAnd while hedge funds shorted tech, the Goldman US Consumer Discretionary sector saw the largest net buying in three months driven by E-Commerce stocks. As a result, the GS Prime book is now O/W US Consumer Discretionary by +3.3% vs. the S&P 500,which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.In $ terms, Consumer Discretionary was the most net bought US sector on the GS Prime book this week, driven by risk-on flows with long buys outpacing short sales 4 to 1.The sector’s aggregate long/short ratio (MV) on the GS Prime book ended the week at 2.53, which is in the 2nd percentile vs. the past year and in the 77th percentile vs. the past five years. The GS Prime book is now O/W US Consumer Discretionary stocks by +3.3% vs. the S&P 500, which is in the 9th percentile vs. the past year and in the 50th percentile vs. the past five years.","news_type":1,"symbols_score_info":{".IXIC":0.9,"NDX":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4295717,"gmtCreate":1620773223569,"gmtModify":1635497744646,"authorId":3581993954812723,"author":{"id":3581993954812723,"idStr":"3581993954812723","authorId":3581993954812723,"name":"BraveAAC","avatar":"https://static.tigerbbs.com/5a1e3a611a362857570052e45ff04ad3","vip":1,"currentWearingBadge":{"badgeId":"99a38ff64bfd44f891fd016771fc8f64-1","templateUuid":"99a38ff64bfd44f891fd016771fc8f64","name":"超级披露者","description":"在交易分享中开启超级披露","bigImgUrl":"https://static.tigerbbs.com/802f4014829adb4e63332fc230b97e42","smallImgUrl":"https://static.tigerbbs.com/70e97d213ed3e4f4820224f1366d402f","redirectLinkEnabled":1,"redirectLinkType":1,"redirectLink":"https://www.itigerup.com/activity/forapp/star-investor","redirectLinkValidityFrom":1776816000000,"redirectLinkValidityTo":2156198400000,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2026.04.23","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1104,"isScarce":1,"effectEnabled":0,"wearingSort":1},"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[{"categoryType":1104,"badgeId":"99a38ff64bfd44f891fd016771fc8f64-1","name":"超级披露者","description":"在交易分享中开启超级披露","smallImgUrl":"https://static.tigerbbs.com/70e97d213ed3e4f4820224f1366d402f","bigImgUrl":"https://static.tigerbbs.com/802f4014829adb4e63332fc230b97e42","isScarce":1,"plateColors":{"bgColor":{"dark":"#2f2a1f","tint":"#fcf6e5"},"fontColor":{"dark":"#dea95e","tint":"#885600"}},"effectEnabled":0,"redirectLinkEnabled":1,"redirectLinkType":1,"redirectLink":"https://www.itigerup.com/activity/forapp/star-investor","redirectLinkValidityFrom":1776816000000,"redirectLinkValidityTo":2156198400000,"sortingWeight":0,"wearable":1}]},"repliedAuthorId":0,"objectId":193106482,"type":1,"supId":0,"prevId":0,"content":"comment my comment too ty [爱你] [爱你] [爱你]","text":"comment my comment too ty [爱你] [爱你] [爱你]","html":"comment my comment too ty [爱你] [爱你] [爱你]"}],"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":341,"commentSize":106,"repostSize":0,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}