Hedge funds have been buying consumer staple stocks in Europe in October while dumping the sector in the U.S., driven by concerns about the impact of weight-loss drugs on food habits, Goldman Sachs showed in two different reports about trading flows.
The bank said investors have added consumer staples to portfolios in Europe as part of a more defensive strategy amid the Hamas-Israel war and continued uncertainty about future economic growth.
In the U.S., however, investors have sold and shorted consumer staples. "Consumer staples is among the most net sold sectors in October, driven by short sales outpacing long buys," the bank said in a different note earlier this week, citing increased concerns about the class of drugs known as GLP-1 used in weight-loss and diabetes treatments.ranging from supermarkets to beer have been under pressure on concerns about the impact of weight-loss drugs like Ozempic, Wegovy and Mounjaro.
"From the start of October, we have observed a sharp rotation from cyclicals into defensives, arguably as a reaction to the macroeconomic/geopolitical environment," the prime services strategies team wrote.
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