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NEW YORK (Reuters) - Global hedge funds sold more than bought equities for a third consecutive week last week, dumping shares mainly in consumer staples and financials, a BofA Securities note about its clients flow trends.
Portfolio managers net sold over $300 million in shares in total last week, while they bought roughly $250 million in healthcare, technology and real estate, the data showed. In the previous week, hedge funds had mostly cut their exposure to healthcare.
Hedge funds also continued to add small-cap stocks, buying almost $100 million. Conversely, they sold roughly $350 million in mid- and large-cap stocks.
Their decision to dump stocks came in a week the S&P 500 closed at its 2023 high as remarks from Federal Reserve Chair Jerome Powell bolstered the view that key policy rates have peaked.
(Reporting by Carolina Mandl, in New York)
