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A 21% sell-side skew among long-only (LO) accounts is the controlling figure from Goldman Sachs (GS) trading desk flow, which registered significant selling activity across client books.
Hedge funds (HFs) came in at an 11.4% sell skew.
The two cohorts are directionally aligned, but the 9.6-percentage-point spread between them is the first number worth interrogating: institutional sellers are pressing supply more aggressively than levered money.
Flow breakdown by cohort | Cohort | Sell skew | Supply concentrated in | |---|---|---| | Long-only | 21.0% (reported) | Consumer staples, consumer discretionary, real estate | | Hedge funds | 11.4% (reported) | Real estate, macro products, information technology | Long-only supply: the sector map Long-only selling concentrated in consumer staples, consumer discretionary, and real estate.
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