LONDON - Hedge funds piled into bank and financials stocks at the fastest pace in a year, Goldman Sachs said in a note, just in time to catch highs seen European and U.S. banking indices.
The STOXX Europe 600 banks index has risen by 8.3% so far this year and is now around its highest since 2019.Hedge funds took long positions in banks and capital markets companies, ditching short bets. Consumer finance firms saw hedge funds add long positions. A short reflects an expectation that an asset price will fall.Bank stocks dropped sharply in March last year after the failure of U.S. regional lender Silicon Valley Bank.
The Goldman Sachs prime brokerage desk, which serves hedge funds, says their clients are long, but hold very few positions in financial companies relative to other global stocks.Warren Buffett, one of the most successful investors in the world, has a reputation for his simple yet profound financial wisdom. Read More: 5 Unnecessary Bills You Should Stop Paying in 2024Check...Three growth stocks outside the tech sector are strong buys for their massive revenue growth potential by 2025.
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