Hedge Fund Crowding Hits All-Time Highs As Everyone Buys The Same Handful Of Tech Stocks

One week ago, when looking at the latest Goldman Prime Brokerage data (which analyzes exposure on a bottom-up basis), we found something remarkable: after puking tech stocks at the start of the year, virtually every hedge fund had exposure to mega-cap tech names, i.e., the Magnificent 7, as HF exposure to tech just hit a record 99%, prompting us to ask: who is left to buy?

no buyers left: hedge fund net exposure to magnificent 7 was 12% at the start of the year. It is now 99%https://t.co/msnekVeQRd pic.twitter.com/DyUxkxkT64

— zerohedge (@zerohedge) November 15, 2023

To underscore this point, overnight Goldman published its closely-watched quarterly Hedge Fund Trend Monitor report (available to pro subs in the usual place) which does a top-down analysis of hedge fund gross and net exposure by looking at thousands of 13F quarterly reports, and which reiterated the same observation: not only is everyone now long the same handful of stocks, but "hedge fund crowding reaches new records as popular positions enjoy momentum" or visually: