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Global Macro Hedge Funds Turn Bearish on Equities, CTAs Increase Short Positions

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Global Macro Hedge Funds,Equities,Bullish

Global macro hedge funds have shifted their strategy from bullish to bearish on equities, while commodity trend advisers (CTAs) have increased their short positions, according to Barclays. The shift is likely due to the spike in 10-year Treasury yields and the decline in the S&P index. CTAs have also become short on U.S. technology stocks and bearish on most assets, except for oil.

SaltWire's Atlantic regional weather forecast for October 31, 2023 | SaltWireNEW YORK - Global macro hedge funds are now bearish on equities, leaving behind bullish bets which were part of their strategy for most of the year, while commodity trend advisers increased their short positions, Barclays said in a note.The bank's U.S. equity strategy team wrote that global macro hedge funds are likely seeing equities repricing lower as the 10-year Treasury yields has spiked to around 5%.

CTAs, which were already bearish on equities, have added to their positions."CTAs have built sizeable shorts in global equities, and have room to add further," Barclays said, adding the trend-following investors have become short U.S. technology stocks. The analysts noted CTAs are bearish on most assets, including U.S. Treasuries, JGBs and Bunds, but they are long oil.

 

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