Hedge funds are going long large-cap financial companies and transportation stocks and shorting energy and household- and personal-product companies.
That is the key takeaway from an equity-strategy note published by the prime services team at Swiss bank Credit Suisse on Monday.
The chart below shows hedge fund net exposure — or the difference between a fund's long positions and its short positions — by industry group for US large caps (Russell 1000) and small caps (Russell 2000) compared to the average of the last five years.
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