The most popular stocks that these funds had in their basket are performing significantly worse this year compared to the wider market. Their performance, compared to the results of the broader S&P 500 index, has been deteriorating since last August. In recent months accelerated their underperformance.

If the funds rotated somewhere in the first quarter, it was from growth towards value. Their exposure to growth stocks is now below the 20-year average and at the level of the third quarter of 2018, the analysis of GS Hedge Funds Monitor also shows.

Performance of Facebook’s shares (Source: Tradingview.com)