Hedge Fund Recap

Global hedge funds were significant net sellers of equities in June, primarily reducing exposure to US and APAC AI-themed investments. Despite this aggressive de-grossing, portfolio concentration in these sectors remains near historic highs.

Key Takeaways

• 1.Global hedge funds were large net sellers of equities in June, with North American and APAC regions driving the selling activity.
• 2.Active reduction in AI Tech Beneficiaries continued to accelerate, though these themes still represent 40% of global hedge fund net exposure.
• 3.Hedge fund long portfolios in the first half of 2026 outperformed the broader market, making it the strongest 1H on record since 2010.

Table of Contents

• Performance
• Global Trading & Positioning Themes
• Regional Themes
• Global Positioning & Leverage
• N. America Positioning
• Europe Positioning
• Asia Positioning
• Appendix – Regional Flows & Positioning
• Appendix – Regional Leverage
• Appendix – Sector Flows & Exposures by Region
• Appendix – Sector Net Exposure Charts
• Appendix – Additional Charts

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