There is a saying to follow the smart money. With the performance of hedge funds over the past decade relative to the S&P 500 some may think that isn't the smart money.
I'm smart enough to know they are still worth paying attention to because the sheer size of the positions they put on impact individual stocks and sectors.
Bank of America Merrill Lynch Fund Manager Survey
This survey gives us insight into what hedge fund managers are investing in, the latest survey showed money moving toward utilities, consumer staples and healthcare and out of energy and materials.
In addition to the movement within stock sectors there was an increase in bond holdings and a reduction in stock holdings.
This is what I recall from my view of the report which is proprietary/subscriber based.