As we approach the end of 2024, one could suspect that institutions, hedge funds, and money managers that are beating their benchmark might lighten up on their equity exposure and start planning for 2025. Meanwhile, those that manage money and are behind going into December have little time to catch up -- and might be inclined to grab some of the highest momentum stocks out there and increase their risk exposure. But December can be difficult to navigate, as what appears likely to happen doesn't always play out as expected.