BREAKING: Hedge funds posted their largest weekly sale of US equities last week since the week of “Liberation Day” in April 2025. This marks a sharp reversal after 3 consecutive weekly purchases. Single stocks accounted for ~53% of total sales, one of the highest readings over the last year. 9 of 11 sectors were sold, led by Information Technology, Industrials, Utilities, Health Care, and Materials. Only Energy and, to a lesser extent, Consumer Discretionary saw purchases. Meanwhile, macro products, such as index futures and ETFs, accounted for ~47% of total sales, with US-listed ETF shorts modestly increasing last week, and snapping a 6-week streak of short covering. Hedge funds are rapidly unwinding their bullish bets on US equities.(The Kobeissi Letter)