Mutual funds and hedge funds tend to have different risk tolerance and exposure, but Goldman Sachs found a list of stocks loved by both cohorts. The Wall Street bank analyzed the holdings of 758 hedge funds with $2.3 trillion of gross equity positions as well as the holdings of 543 mutual funds with $2.4 trillion of assets under management at the start of 2023, based on regulatory filings.
The group typically struggles during periods of market stress but has a strong track record of outperformance at the expense of higher volatility, according to Goldman. An equal-weighted list of shared favorites has generated an annualized return of 14%, the firm said. "Rising equity return dispersion and falling stock correlation signals potential for greater alpha generation from fund managers," David Kostin, Goldman's head of U.S. equity strategy, said in a note.
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