U.S. equities are looking less attractive to macro hedge fund managers, according to new data from Van Hedge Advisors International. Exactly half of the managers surveyed by Van Hedge said they are bearish about U.S. stocks for September, compared with 26% in August and 36% in July. Only 21% of managers are bullish for September U.S. stock returns, compared with 39% in August and 36% in July; 29% are neutral about September returns.
Macro fund managers are more optimistic about U.S. 10-year Treasury notes in September, with 50% feeling bullish, 12% neutral and 38% bearish. In August, half of macro fund managers were bearish on 10-year T-bonds, with the remaining 50% split evenly between those neutral and bearish.