Hedge Funds Tweak Portfolios In Q1: Marvell, TD Synnex, AES Get More Love As Focus Shifts To AI
Hedge Funds Tweak Portfolios In Q1: Marvell, TD Synnex, AES Get More Love As Focus Shifts To AI
Hedge funds made strategic adjustments to their portfolios throughout the first quarter of 2024.
对冲基金在整个2024年第一季度对其投资组合进行了战略调整。
Firms are looking for high-return opportunities beyond the mega-cap tech giants preferring to focus on cyclical sectors and artificial intelligence (AI)-related infrastructure stocks.
除了那些更愿意专注于周期性板块和人工智能（AI）相关基础设施股票的大型科技巨头之外，企业正在寻找高回报的机会。
Except for Apple Inc (NASDAQ:AAPL), positions in several 'Magnificent Seven' stocks — Alphabet Inc (NASDAQ:GOOGL), Amazon.com Inc (NASDAQ:AMZN), Nvidia Corp (NASDAQ:NVDA), Microsoft Corp (NYSE:MSFT), and Meta Platforms Inc (NASDAQ:META) — were trimmed from hedge funds.
除苹果公司（纳斯达克股票代码：AAPL）外，对冲基金削减了几只 “壮丽七强” 股票——Alphabet Inc（纳斯达克股票代码：GOOGL）、亚马逊公司（纳斯达克股票代码：AMZN）、英伟达公司（纳斯达克股票代码：NVDA）、微软公司（纽约证券交易所代码：MSFT）和Meta Platforms Inc（纳斯达克股票代码：MSFT）——的头寸。
Still, the strong performance of the so-called 'Magnificent 7′ tech stocks maintained their weight at 13% of hedge fund long portfolios, according to the latest Goldman Sachs' Hedge Fund Monitor report.
尽管如此，根据高盛最新的《对冲基金监测》报告，所谓的 “壮丽7股” 科技股的强劲表现仍保持在对冲基金多头投资组合的13％。
Cyclical Sectors
周期性板块
In parallel, hedge funds expanded their investments in cyclical sectors, elevating the exposure to Financials.
同时，对冲基金扩大了对周期性行业的投资，增加了金融风险敞口。
Information Technology remained the largest net sector weight at the start of Q2 2024. It accounts for 18% of total net exposure. However, it also registered the largest underweight relative to the Russell 3000, with a -913 basis points (bp) difference. Health Care was the largest overweight sector, with a +375 bp difference.
在2024年第二季度初，信息技术仍然是最大的行业净权重。它占总净敞口的18％。但是，与罗素3000相比，它的减持幅度也最大，差异为-913个基点（bp）。医疗保健是最大的增持板块，差异为+375个基点。
| Sector | Hedge Funds' Net Weight |
Russell 3000 Weight | Hedge Fund Net Tilt |
|---|---|---|---|
| Health Care | 15.8% | 12.0% | +375 bp |
| Communication Services | 11.0% | 8.8% | +226 bp |
| Industrials | 12.1% | 9.9% | +222 bp |
| Materials | 4.8% | 2.7% | +205 bp |
| Energy | 4.9% | 3.8% | +109 bp |
| Consumer Discretionary | 11.9% | 10.8% | +107 bp |
| Utilities | 2.8% | 2.1% | +76 bp |
| Financials | 13.3% | 14.2% | -98 bp |
| Real Estate | 1.5% | 2.6% | -114 bp |
| Consumer Staples | 4.0% | 6.0% | -196 bp |
| Information Technology | 17.9% | 27.0% | -913 bp |
| Total | 100.0% | 100.0% | 0 bp |
| 行业 | 对冲基金' 净重 |
罗素 3000 体重 | 对冲基金净利率 |
|---|---|---|---|
| 医疗保健 | 15.8% | 12.0% | +375 bp |
| 通信服务 | 11.0% | 8.8% | +226 bp |
| 工业 | 12.1% | 9.9% | +222 bp |
| 材料 | 4.8% | 2.7% | +205 bp |
| 能量 | 4.9% | 3.8% | +109 bp |
| 消费者自由裁量权 | 11.9% | 10.8% | +107 bp |
| 公共事业 | 2.8% | 2.1% | +76 bp |
| 金融 | 13.3% | 14.2% | -98 bp |
| 房地产 | 1.5% | 2.6% | -114 bp |
| 消费必需品 | 4.0% | 6.0% | -196 bp |
| 信息技术 | 17.9% | 27.0% | -913 bp |
| 总计 | 100.0% | 100.0% | 0 bp |
There was also a notable rotation towards utilities, reflecting a broader AI investment focus.
还出现了向公用事业的明显转向，这反映了更广泛的人工智能投资重点。
In particular, hedge funds have shown a keen interest in Phase 2 Infrastructure stocks within the AI sector. Among the companies that have seen the largest increase in hedge fund popularity, are:
特别是，对冲基金对人工智能领域的第二阶段基础设施股票表现出浓厚的兴趣。对冲基金知名度增幅最大的公司包括：
- Marvell Technology Inc. (NASDAQ:MRVL)
- TD Synnex Corporation (NYSE:SNX)
- AES Corporation (NYSE:AES)
- Littelfuse Inc. (NASDAQ:LFUS)
- Marvell Technology Inc.（纳斯达克股票代码：MRVL）
- TD Synnex公司（纽约证券交易所代码：SNX）
- AES 公司（纽约证券交易所代码：AES）
- Littelfuse Inc.（纳斯达克股票代码：LFUS）
See Also: AI-Driven Rally Set To Expand To Power, Commodities, Utilities: 'It's Not Just About Nvidia Anymore'
另请参阅: 人工智能驱动的反弹将扩展到电力、大宗商品、公用事业：“这不再只是英伟达的问题”
Most Popular Hedge Funds' Increase In AI Universe During Q1 2024
2024 年第一季度最受欢迎的对冲基金在 AI 领域的增长
| Name | Subsector |
| Marvell Technology, Inc. | Semiconductors |
| TD SYNNEX Corporation | Technology Distributors |
| Apple Inc. | Technology Hardware Storage & Peripherals |
| AES Corporation | Independent Power Producers & Energy Traders |
| Littelfuse, Inc. | Electronic Components |
| Adobe Inc. (NASDAQ:ADBE) | Application Software |
| Freeport-McMoRan, Inc. (NYSE:FCX) | Copper |
| Walgreens Boots Alliance, Inc. (NYSE:WBA) | Drug Retail |
| Nextracker Inc. Class A (NASDAQ:NXT) | Electrical Components & Equipment |
| First American Financial Corporation (NYSE:FAF) | Property & Casualty Insurance |
| 姓名 | 界别分组 |
| Marvell 科技公司 | 半导体 |
| TD SYNNEX 公司 | 技术分销商 |
| 苹果公司 | 技术硬件存储和外围设备 |
| AES 公司 | 独立电力生产商和能源贸易商 |
| Littelfuse, Inc. | 电子组件 |
| Adobe Inc.（纳斯达克股票代码：ADBE） | 应用软件 |
| 弗里波特-麦克莫兰铜金公司（纽约证券交易所代码：FCX） | 铜 |
| Walgreens Boots Alliance, Inc.（纽约证券交易所代码：WBA） | 药品零售 |
| Nextracker Inc. A 类（纳斯达克股票代码：NXT） | 电气元件和设备 |
| 第一美国金融公司（纽约证券交易所代码：FAF） | 财产和意外伤害保险 |
Most Concentrated Hedge Fund Holdings In The S&P 500
标普500指数中最集中的对冲基金持股
The Goldman Sachs' Hedge Fund Monitor asserts that portfolio concentration among hedge funds remains particularly elevated.
高盛的《对冲基金监测》断言，对冲基金的投资组合集中度仍然特别高。
The typical hedge fund maintains 70% of its long portfolio in the top 10 positions. This trend remained extremely elevated in Q1 2024.
典型的对冲基金将其多头投资组合的70％保持在前10个头寸。这一趋势在 2024 年第一季度仍然非常高。
The following table details the top 20 most concentrated hedge fund holdings within the S&P 500, highlighting where hedge funds are investing their capital.
下表详细列出了标准普尔500指数中最集中的20家对冲基金持股，重点介绍了对冲基金的资本投资方向。
| Company | Sector | Sub-sector | % of Equity Cap Owned by Hedge Funds |
|---|---|---|---|
| Bath & Body Works (NYSE:BBWI) | Consumer Discretionary | Other Specialty Retail | 27% |
| Hess Corp. (NYSE:HES) | Energy | Oil & Gas Exploration & Production | 16% |
| Ralph Lauren Corp. (NYSE:RL) | Consumer Discretionary | Apparel Accessories & Luxury Goods | 15% |
| Expedia Group Inc. (NYSE:EXPE) | Consumer Discretionary | Hotels, Resorts & Cruise Lines | 14% |
| Universal Health Svc. (NYSE:UHS) | Health Care | Health Care Facilities | 14% |
| Western Digital (NASDAQ:WDC) | Information Technology | Technology Hardware, Storage & Peripherals | 13% |
| NRG Energy Inc. (NYSE:NRG) | Utilities | Electric Utilities | 13% |
| Invesco Ltd. (NYSE:IVZ) | Financials | Asset Management & Custody Banks | 13% |
| Vistra Corp. (NYSE:VST) | Utilities | Independent Power Producers & Energy Traders | 13% |
| Caesars Entertainment (NYSE:CZR) | Consumer Discretionary | Casinos & Gaming | 12% |
| Evergy Inc. (NASDAQ:EVRG) | Utilities | Electric Utilities | 12% |
| Catalent Inc. (NYSE:CTLT) | Health Care | Pharmaceuticals | 11% |
| Juniper Networks (NYSE:JNPR) | Information Technology | Communications Equipment | 11% |
| Dollar Tree Inc. (NYSE:DLTR) | Consumer Staples | Consumer Staples Merchandise Retail | 11% |
| NiSource Inc. (NYSE:NI) | Utilities | Multi-Utilities | 10% |
| Incyte Corp. (NASDAQ:INCY) | Health Care | Biotechnology | 10% |
| Lamb Weston Holdings (NYSE:LW) | Consumer Staples | Packaged Foods & Meats | 10% |
| Qorvo Inc. (NASDAQ:QRVO) | Information Technology | Semiconductors | 10% |
| Synchrony Financial (NYSE:SYF) | Financials | Consumer Finance | 10% |
| Humana Inc. (NYSE:HUM) | Health Care | Managed Health Care | 10% |
| 公司 | 行业 | 子行业 | 对冲基金持有的股票上限的百分比 |
|---|---|---|---|
| Bath & Body Works（纽约证券交易所代码：BBWI） | 消费者自由裁量权 | 其他专业零售 | 27% |
| 赫斯公司（纽约证券交易所代码：HES） | 能量 | 石油和天然气勘探与生产 | 16% |
| 拉尔夫·劳伦公司（纽约证券交易所代码：RL） | 消费者自由裁量权 | 服装配饰和奢侈品 | 15% |
| Expedia 集团公司（纽约证券交易所代码：EXPE） | 消费者自由裁量权 | 酒店、度假村和邮轮公司 | 14% |
| 环球健康服务（纽约证券交易所代码：UHS） | 医疗保健 | 医疗保健设施 | 14% |
| 西部数据（纳斯达克股票代码：WDC） | 信息技术 | 技术硬件、存储和外围设备 | 13% |
| NRG 能源公司（纽约证券交易所代码：NRG） | 公共事业 | 电力公用事业 | 13% |
| 景顺有限公司（纽约证券交易所代码：IVZ） | 金融 | 资产管理和托管银行 | 13% |
| 瑞致达公司（纽约证券交易所代码：VST） | 公共事业 | 独立电力生产商和能源贸易商 | 13% |
| 凯撒娱乐（纽约证券交易所代码：CZR） | 消费者自由裁量权 | 赌场和博彩 | 12% |
| Evergy Inc.（纳斯达克股票代码：EVRG） | 公共事业 | 电力公用事业 | 12% |
| Catalent Inc.（纽约证券交易所代码：CTLT） | 医疗保健 | 药品 | 11% |
| 瞻博网络（纽约证券交易所代码：JNPR） | 信息技术 | 通讯设备 | 11% |
| 美元树公司（纽约证券交易所代码：DLTR） | 消费必需品 | 必需消费品商品零售 | 11% |
| NiSource Inc.（纽约证券交易所代码：NI） | 公共事业 | 多用途工具 | 10% |
| Incyte Corp.（纳斯达克股票代码：INCY） | 医疗保健 | 生物技术 | 10% |
| 兰姆·韦斯顿控股公司（纽约证券交易所代码：LW） | 消费必需品 | 包装食品和肉类 | 10% |
| Qorvo Inc.（纳斯达克股票代码：QRVO） | 信息技术 | 半导体 | 10% |
| 同步金融（纽约证券交易所代码：SYF） | 金融 | 消费金融 | 10% |
| Humana Inc.（纽约证券交易所代码：HUM） | 医疗保健 | 管理型医疗保健 | 10% |
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