Greek “No” Meets Month of Hedge Fund Caution as Shorts Jump

(Bloomberg) Hedge funds riding equities toward their best year since the financial crisis turned cautious in the runup to Greece’s “no” vote Sunday. Rising short sales sent a gauge of manager bullishness compiled by Evercore ISI down 1.3 percentage points over the past month, putting the measure of short and long exposure close to neutral.

Hedge funds are up 2.6 percent in 2015, beating the Standard & Poor’s 500 Index’s 0.9 percent gain and leaving managers up on the gauge for the first time since 2008.

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