US Weekly Kickstart

Institutional investors are rotating out of Software and into Semiconductors, with hedge fund semi exposure at record highs. Large-cap mutual funds continue to struggle with performance, as only 30% outperform their benchmarks year-to-date.

Key Takeaways

• 1.Both hedge funds and mutual funds are aggressively rotating away from Software and toward Semiconductors, with HF semi exposure at record highs.
• 2.Large-cap mutual fund performance is lagging, with only 30% outperforming benchmarks YTD compared to a 37% historical average.
• 3.Hedge funds have increased net leverage to the 85th percentile after an initial reduction in March due to geopolitical tensions.

Table of Contents

• Comparing hedge fund and mutual fund positioning
• Earnings season summary
• S&P 500 earnings and return forecasts
• Biggest stock movers this week
• YTD absolute and risk-adjusted returns
• Sentiment and flows
• Economic growth
• Interest rates and financial conditions
• Market breadth and concentration
• Correlation and volatility
• IPO Barometer and mutual fund performance
• Earnings growth
• Valuations
• Sector returns, earnings, and valuations
• Thematic baskets
• Factors
• Goldman Sachs global macro research cross-asset forecasts

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