MarketWatch – Hedge funds, which were underperforming the S&P 500 for the month as of June 20, have been cutting their exposure to the stock market while bidding up gold, according to a Bank of America/Merrill Lynch analysis.
The investment bank’s investable hedge-fund composite index slipped 0.2% for the month as of June 20, compared to a 3.5% increase for the S&P 500, said Mary Ann Bartels, head of the firm’s U.S. technical analysis.
