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Hedge Funds’ Favoritism and Detestation towards Financial Stocks Throughout the Banking Crisis

These financial stocks were most loved—and hated—by hedge funds during the banking crisis

These financial stocks were most loved—and hated—by hedge funds during the banking crisis

Goldman Sachs: Hedge Funds Pick Winners and Losers Among Financial Stocks Amid Banking Crisis

According to Goldman Sachs, the recent banking crisis has wreaked havoc in the banking industry, and hedge funds are picking winners and losers among financial stocks. The Wall Street bank analyzed the holdings of 740 hedge funds with $2.2 trillion of gross equity positions at the start of 2023, based on regulatory filings.

Goldman Sachs has identified financial and real estate stocks with the largest recent changes in ownership among hedge funds. Real estate stocks, especially those in the commercial sector, have also been under pressure as the banking shocks amplified the risk of higher interest rates that could complicate the debt roll.

BlackRock, the world’s largest asset manager, has been added to the holdings of 47 hedge funds in the first quarter. Focus Financial Partners, a wealth management firm, also attracted a slew of hedge fund interest while several hedge funds bought the dip in Charles Schwab last quarter. The stock is down over 36% this year, taking its hits along with other financial firms with massive bond holdings of longer maturities. Investors feared the company could suffer a similar fate as Silicon Valley Bank and First Republic.

As for financial and real estate stocks that hedge funds sold the most in the first quarter, Welltower topped the list with 26 funds dumping the name. Welltower is a real estate investment trust that invests in health-care infrastructure and is still up 16% this year, so it could be a sign that some of the hedge funds took profits. A number of hedge funds also decreased their exposure to Visa and CME Group, while Warren Buffett’s Berkshire Hathaway dumped its stake in U.S. Bancorp in the first quarter as the “Oracle of Omaha” warned of more bank failures to come.

East West Bancorp, Aon, First Interstate BancSystem, and Discover Financial Services were other names that hedge funds hated last quarter amid the banking chaos.

FAQs:

Q: What is the current state of the banking industry?
A: The banking industry is in crisis.

Q: How are hedge funds reacting to the state of the banking industry?
A: Hedge funds are picking winners and losers among financial stocks.

Q: What did Goldman Sachs analyze?
A: Goldman Sachs analyzed the holdings of 740 hedge funds with $2.2 trillion of gross equity positions at the start of 2023.

Q: Which financial and real estate stocks have experienced the largest recent changes in ownership among hedge funds?
A: Goldman Sachs has identified financial and real estate stocks with the largest recent changes in ownership among hedge funds.

Q: Which stocks have hedge funds recently added to their holdings?
A: BlackRock, Focus Financial Partners, and Charles Schwab have recently been added to the holdings of hedge funds.

Q: Which financial and real estate stocks have hedge funds sold the most in the first quarter?
A: Welltower, Visa, and CME Group have been sold the most by hedge funds in the first quarter.

Q: What other names have hedge funds hated last quarter amid the banking chaos?
A: East West Bancorp, Aon, First Interstate BancSystem, and Discover Financial Services were other names that hedge funds hated last quarter amid the banking chaos.

These financial stocks were most loved—and hated—by hedge funds during the banking crisis
These financial stocks were most loved—and hated—by hedge funds during the banking crisis

Hedge Funds’ Sentiments towards Financial Stocks during the Banking Crisis: Love or Hate?

According to a recent report by Goldman Sachs, the banking crisis of recent months has caused havoc in the industry, with hedge funds picking winners and losers among financial stocks. The Wall Street bank analyzed the holdings of 740 hedge funds with $2.2 trillion of gross equity positions at the beginning of 2023, based on regulatory filings. Goldman then identified financial and real estate stocks with the largest recent changes in ownership among hedge funds.

Real estate stocks, particularly in the commercial sector, have also been under pressure as the banking shocks amplified the risk of higher interest rates that could complicate the debt roll. A total of 47 hedge funds added BlackRock, the world’s largest asset manager, to their holdings in the first quarter. Meanwhile, Focus Financial Partners, a wealth management firm, attracted a slew of hedge fund interest.

During the last quarter, a number of hedge funds bought the dip in Charles Schwab, which has been down more than 36% this year. The stock has taken its hits along with other financial firms with massive bond holdings of longer maturities. Investors feared the company could suffer a similar fate as Silicon Valley Bank and First Republic. Hedge funds also increased their allocation to Fidelity National Info, SLM Corp. and Everest Re.

As for financial and real estate stocks that hedge funds sold the most in the first quarter, Welltower topped the list with 26 funds dumping the name. Welltower is a real estate investment trust that invests in health-care infrastructure and is still up 16% this year, so it could be a sign that some of the hedge funds took profits. A number of hedge funds also decreased their exposure to Visa and CME Group. U.S. Bancorp also saw reduced interest from investors.

Notably, Warren Buffett’s Berkshire Hathaway dumped its stake in U.S. Bancorp in the first quarter as the “Oracle of Omaha” warned of more bank failures to come. East West Bancorp, Aon, First Interstate BancSystem and Discover Financial Services were other names that hedge funds hated last quarter amidst the banking chaos.

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