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UBS Client Flows |
rffrydr
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Joined: 30 Oct 2005
Posts: 16445
Location: Sunny California
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 Posted: Wed May 19, 2010 7:26 am Post subject: UBS Client Flows |
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| Quote: | European Flow Watch – hedge fund selling at 18-month high
BE
Hedge fund selling at highest level since January 2009
How quickly it all changes. Last month hedge funds were buying at the highest rate since
October 2007. This month we see hedge fund selling at its fastest rate since January 2009. Also
t.his month, investors were net sellers of cyclicals.
BE
Country risk replaces sector risk: Not a textbook move into defensives
During the market sell-off the underperformance of cyclicals was muted (below) and unusual
things occurred. Net selling of Telecoms was more extreme than Mining (albeit just). Investors
bought Food & Beverage at the fastest pace since August 2008, but also picked up more
Consumer Discretionary (partly due to Autos and currency). Has country risk replaced sector
r.isk?
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Positioning: Capital Goods refuse to budge
Not only are Capital Goods still the biggest overweight for the hedge funds, the sector has now
moved up to first place for long-only investors too. But we caution: a 15-week run of net buying
of Capital Goods has just ground to a halt (charts 7 and 12). Additionally, Utilities are close to
t.he biggest underweight for both hedge fund and long only investors.
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Foreign flows into Europe stall, but love-in with non-euro countries goes on
The foreign fund flows into Europe in December 2009 have all but dried up (chart 36). However,
retail investors’ clear-cut preference for Sweden and Switzerland continues unabated. Retail
inflows into Germany have fallen the most, and Spain continues to see net selling. |
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rffrydr
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rffrydr
Moderator
Joined: 30 Oct 2005
Posts: 16445
Location: Sunny California
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| Posted: Wed Jun 09, 2010 8:07 am Post subject: |
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Tim Melvin
Hedge Fund Activity
6/9/2010 9:02 AM EDT
| Quote: | | Reading over the recent Trim Tabs/ Barclays hedge fund survey provides some cause for concern. Hedge fund saw about $3.5 billion of outflows in May after seeing asset in April return to the levels of November 2008 in April. Of more concern was that investors were again favoring the riskier strategies and adding leverage. If we see anything go wrong in the crowded trades such as gold, short euro and short bonds we could.... |
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rffrydr
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Joined: 30 Oct 2005
Posts: 16445
Location: Sunny California
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| Posted: Tue May 25, 2010 8:26 am Post subject: |
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Tim Melvin
Hedgie Stocks
5/25/2010 10:11 AM EDT
I | Code: | | see that Goldman's list of stocks most loved by hedge funds is circulating around the street. The obvious question that pops into my mind is why would you even consider owning these things right now? It is clear that funds are taking risk off the sheets and getting leverage levels down. Tnhose that survived 2008 recall only too well the sinking feeling when they got caught long and wrong. It was a long way back to high water marks and they are probably going to move to the exits much quicker this time around. The top five stocks are Apple, B of A, Google, JO Morgan and Microsoft. I think I would be wary of these stocks right now. |
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