Goldman Sachs: Hedge Funds Short Financials in Q1

Hedge funds were net sellers of financial stocks in the first quarter after gobbling up sector assets in the preceding two quarters.

According to a Goldman Sachs analysis of 755 hedge funds, with $833 billion of long equity positions, hedge funds now appear net short financials compared with 14% net long at year-end and 26% at the end of the third quarter.