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Hedge funds cut back bets in tough May-Pictet

Reuters – Hedge funds have aggressively cut back bets in recent weeks during a difficult month that has seen the euro tumble and stock market volatility soar, said Pictet’s head of alternative investments, Nicolas Campiche.

Hedge funds are now positioned defensively with lower levels of borrowing, said Campiche, who oversees more than $8 billion invested in portfolios of hedge funds.

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