Weight-loss drugs driving hedge fund consumer stock flows -Goldman Sachs
NEW YORK -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.
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.
Wegovy has been a phenomenal success in the United States and is now being rolled out in some European markets including Norway, Denmark and Germany. "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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