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World's Largest Hedge Funds Load Up On Industrials

The world's 10 largest hedge funds by equity assets were bullish on industrial stocks in the first quarter and narrowed their stakes in consumer discretionary companies, according to S&P Global Market Intelligence data. Collectively, the 10 firms purchased a net $3.44 billion in shares in industrial companies, the most of any sector for the second straight quarter. Consumer staples companies were the second-favourite target, garnering $2.51 billion in net purchases. On the other hand, the hedge funds were net sellers in consumer discretionary and healthcare, selling off positions in those sectors worth $3.14 billion and $2.27 billion, respectively. As of May 21,...