| Updated:
Hedge funds are selling US banks
THE RECOVERY of Citigroup and Bank of America gave hedge funds some of their biggest gains last year, but now the smart money is getting out, according to Thomson Reuters data.
Maverick Capital, Owl Creek Asset Management and other major funds have backed away from the banking sector in the first quarter. And financials suffered the biggest decrease in sector holdings among the Smart Money 30, a group of some of the largest stock-picking hedge funds.
Citigroup, the third-largest US bank, was the top decrease in existing positions by the Smart Money 30.