It may seem like an eternity ago, but the first quarter of 2025 was the first time since the Trump election when the market cracked, with the early March dump and subsequent rebound serving as a remarkable preview of the April rollercoaster.
Yet even though what hedge funds did just two months ago is now completely irrelevant, after the April juggernaut, it does provide a glimpse into their thinking and perhaps an explanation as to why so many funds ended up being so badly positioning if not for the initial April rout, then certainly for the subsequent surge.
To help with the analysis, we go to the latest Hedge Fund Trend Monitor report (available to pro subs in the usual place), published by Goldman's Ben Snider arguably the most read note every quarter out of Goldman's research team, to analyze the key trends of what happened.
