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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Wyätt Gwyön who wrote (61591)	5/22/2006 10:19:38 AM
From: ild	Read Replies (1) \| Respond to of 110194

Hedge Fund Trend Monitor -- Concentrated positions at start of 2Q Hedge funds own more than 25% of the outstanding common equity of 100 stocks. We identify the most concentrated hedge fund long holdings by size and sector in 550 funds with $650 billion of equity assets. Shifts in investor buying patterns impact performance: In the current de-risking environment, stocks with concentrated hedge fund ownership dropped more than the market. But stocks with the largest 1Q increase in hedge fund ownership have crushed stocks with the largest decrease. SIZE: 42% of hedge fund holdings are invested in stocks under $5 billion vs. 22% for mutual funds. SECTORS: Hedge funds are underweight Financials and Consumer Staples (16% vs. 31% for S&P 500) and overweight Consumer Discretionary, Materials, Technology. TURNOVER: "Fast money does not accurately describe most hedge funds. 34% of the positions owned at the end of 4Q changed during 1Q (66% remained unchanged).