Goldman Sachs analysts recently examined what hedge and mutual funds bought in the first quarter.
Both fund types sold their positions in financials and switched to more defensive stocks.
Goldman Sachs found nine “common favorites” among stocks that hedge funds and mutual funds bought.
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Late last week, the S&P 500 stock index briefly touched its highest level since August of last year, capping a stunning rally that has sent the index up 11.3 percent year-to-date.