---
title: Hedge funds have rarely been this underweight North American stocks:
description: "Hedge funds sold North American stocks for 3 consecutive weeks despite 3 consecutive weeks of S&P 500 all-time highs.\n\nThis has pushed their allocation to North American equities down to the lowest on record relative to the MSCI All World Index, according to Goldman Sachs.\n\nAt the same time, their allocation to Emerging Markets is up to an all-time high.\n\nWhat is happening here?\n\nSource: Global Markets Investor, Goldman Sachs"
---

[Syz The Moment](https://blog.syzgroup.com/syz-the-moment)

# [Hedge funds have rarely been this underweight North American stocks:](https://blog.syzgroup.com/syz-the-moment/hedge-funds-have-rarely-been-this-underweight-north-american-stocks)

 Written by [Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/syz-the-moment/author/charles-henry-monchau) | May 5, 2026, 2:27:42 PM

[View full post](https://blog.syzgroup.com/syz-the-moment/hedge-funds-have-rarely-been-this-underweight-north-american-stocks)

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