Goldman Sachs
May 4, 2026
First Look on Hedge Fund Performance and Positioning
Monthly UpdateEquitiesMacro Economic IndicatorsOtherInformation TechnologyEnergy
In April 2026, global Fundamental L/S hedge funds achieved their best monthly performance since 2016, driven by a pivot into global equities and EM Asia. Managers simultaneously reduced exposure to North America and US Information Technology to record lows.
Key Takeaways
- 1.Global Fundamental L/S managers saw their best monthly performance since 2016 in April.
- 2.Hedge funds net bought global equities for the first time in five months, led by macro products.
- 3.Regional allocations shifted significantly, with North America at record low net exposure and EM Asia at a record high.
Table of Contents
- L/S Performance Estimates
- Trading Flows
- Prime Book: US-Listed ETFs
- Exposures
- Regional Positioning
- US Sector Positioning
- Additional Disclaimers
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Authors
Vincent LinKartik SinghalErin TolarTanya RatraMarco LaiciniFreddie Parker
Securities
US-listed ETFsAmericas Info TechAmericas Energy
Themes
Geographic De-risking of North AmericaEmerging Markets Pivot
Regions
North AmericaAsia PacificEuropeUnited StatesChina