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Hedge funds are rotating capital into Asia and macro hedges while taking profits in US Tech (Semiconductors) as gross leverage hits a 5-year high. Global Fundamental L/S funds are outperforming systematic peers MTD with +1.75% total returns.

Key Takeaways

• 1.Global Fundamental L/S managers have performed well in May (+1.75% MTD) despite significant factor volatility and a momentum drawdown.
• 2.Hedge fund gross leverage has spiked to 5-year highs, though net leverage remains stable at the 58th percentile on a 3-year lookback.
• 3.Asia remains the most net bought region globally (led by China and Japan), while North America is the most net sold.

Table of Contents

• I. L/S Performance Estimates
• II. Overall Hedge Fund Positioning and Trading Flow
• III. Regional Positioning
• IV. Thematic and Sector Highlights

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