Goldman says these are the stocks that both mutual funds and hedge funds love
Mutual funds and hedge funds tend to have different risk tolerance and exposure, but Goldman Sachs found a list of stocks loved by both cohorts. The Wall Street bank analyzed the holdings of 758 hedge funds with $2.3 trillion of gross equity positions as well as the holdings of 543 mutual funds with $2.4 trillion of assets under management at the start of 2023, based on regulatory filings.
The group typically struggles during periods of market stress but has a strong track record of outperformance at the expense of higher volatility, according to Goldman. An equal-weighted list of shared favorites has generated an annualized return of 14%, the firm said. "Rising equity return dispersion and falling stock correlation signals potential for greater alpha generation from fund managers," David Kostin, Goldman's head of U.S. equity strategy, said in a note.
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