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Policy Uncertainty Drove Low Conviction Views Across Asset Classes, Triggering A Shift To Gold
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NEW YORK, April 28, 2025 (GLOBE NEWSWIRE) — Unlimited, an asset management firm and ETF sponsor that uses proprietary technology to provide low-cost, alternative strategies to a variety of investors, today published its Q1 2025 Hedge Fund Barometer, which showed a significant reversal of pro-growth positions in both U.S. equities and corporate bonds over the quarter as well as an increase in bets on gold.
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According to Unlimited’s proprietary technology, hedge fund managers came into the year with relatively low conviction and modest views but subsequently ramped up pro-growth positions including long the U.S. dollar, and credit spread and equity bets in line with increased expectations of U.S. growth from the new administration. The majority of those positions were reversed starting in February with the exception of extending bullish positions on gold.
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“Hedge fund positioning shows some of the lowest conviction in the direction of asset prices that we have seen in decades,” said Bob Elliott, CEO and CIO of Unlimited and portfolio manager of actively-managed ETFs. “Those positions were a dramatic transition from the beginning of the quarter when hedge funds were ramping up their bullish bets on the U.S. economy. The prominence of policy volatility likely triggered managers’ reluctance to hold significant directional positions.”
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Hedge funds eked out modestly positive performance in the first quarter with the mix of sub-strategy returns largely reversing the moves of the previous quarter. Emerging Market funds outperformed meaningfully as Chinese stocks surged meanwhile Equity Long/Short and Event Driven strategies came in weak.
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1Q25 Hedge Fund Strategy Performance, Gross of Fees
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- Industry Return: 1.7%
- Best Performing Fund Style: Emerging Markets 6.3%
- Worst Performing Fund Style: Event Driven -0.8%
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Unlimited’s Hedge Fund Barometer showed other notable moves during the quarter included:
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- Bearish outlook on oil shifted towards neutral bullish positioning in Chinese and Japanese equities
- Notable underweight in U.S. biotech
- Equity Long/Short managers remain bearish on U.S. small and mid-cap companies
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Click here to view a video on how Unlimited’s technology works.
English (US)