Hedge funds are dumping stocks
Hedge funds sold a lot of stock in the first quarter of 2016.
"The top 50 hedge funds sold off US equities for the second consecutive quarter. Funds unloaded nearly $55 billion worth of shares in U.S. equities during the first quarter, which was more than triple the value removed in Q4," said Andrew Birstingl of FactSet in a note Thursday.
In aggregate, these funds decreased their exposure to equities by 6.9%, and sold off assets in every sector that FactSet tracks.
The most sold-off stock, according to Birstingl, was Apple, while the stock in which funds increased their position the most was Facebook.
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