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Hedge fund performance had been lagging the overall markets for the past two years or so. One of the main reasons: They sharply reduced their risk exposure, afraid to get out in front of price movements given the many macro uncertainties out there, whether they be the European recession, possible break-up of the euro, the U.S. presidential elections, the looming so-called fiscal cliff, possible oil interruption if Israel bombs Iran — pick your favorite fear. However, hedge fund sentiment apparently changed in mid-July, as managers steadily raised their beta, says JPMorgan Chase. “Hedge funds have been buying stocks that active managers have been selling,” states the bank’s report.
