Hedge Funds
Trend-following hedge funds have boosted exposure to U.S. stocks to a point that may signal declines ahead. While equity-focused hedge funds are under-invested in stocks, those that follow trends -- macro investors and commodity trading funds -- “have suddenly seen the light, going from 25% short exposure in March to more than 50% long exposure by late last week,” according to Jason Goepfert, founder of Sundial Capital Research Inc.

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