Via a research note from Goldman Sachs related to the stonking interest in equities last week.

In summary:

  • last week did show the largest hedge fund positioning 'de-grossing' since February 2009

(ICYMI February 2009 was in the midst of the GFC)

More:

  • after shorts and longs converted hedge funs exposures still remain close to record
  • and thus there is still an ongoing risk of positioning-change-driven moves