Curious to know where people are running following that brief rewind and round 2 of degrossing pre 4/2. Are you running your book tighter or trying to recapture some crowding/mo rebound?
Seems to me like most teams are still down on the year but doing modestly better than 2 weeks ago
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Based on the most helpful WSO content, it seems like the sentiment among MMHF (Multi-Manager Hedge Fund) teams is mixed following the recent degrossing and market turbulence. Many teams appear to be running their books tighter, likely as a defensive measure to manage risk and navigate the volatility. However, there’s also a push to recapture some of the crowding and momentum rebound opportunities, especially as markets stabilize modestly compared to two weeks ago.
The general consensus seems to be that while most teams are still down on the year, there has been some improvement in performance recently. This aligns with the broader trend of cautious optimism, where funds are balancing risk management with selective opportunities to regain ground.
Sources: https://www.wallstreetoasis.com/forum/investing/a-four-week-streak-snapped-the-daily-peel-82222?customgpt=1, Bears Running Loose | The Daily Peel | 9/21/21, Happy Four-Twenty | The Daily Peel | 4/20/22, A Soft…ish Landing? | The Daily Peel | 5/6/22, Performance of the best PM’s at MM’s?
People had some pnl recovery without really changing their book positioning much - just depgrosed- which means there's another leg down sooner rather than later
A little to the left
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