<p>U.S. stocks have piled up $1.5 trillion in market value this year, but hedge funds are bracing for tough times ahead.</p>
<p>Based on buying and selling in 2017, managers have stopped loading up on bullish positioning. They’ve also become less reliant on U.S. stocks by selling economically sensitive bank shares and materials like copper, data compiled by Credit Suisse Group AG show. What are they buying? Gold.</p>