Hedge fund sentiment in the US TRS market shows short bias and short-termism

US Total Return Swaps (TRS) data based on equity ISINs show that hedge funds have leaned bearish in 2023 but that the trend is short lived: the next day may bring a reversal in sentiment based on market externalities. This suggests that the TRS market is being used for quick market strategies that could otherwise be expressed in the equity markets, but for reasons of liquidity or secrecy, wind up in derivatives.
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