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Hedge funds bought financial stocks amid banking turmoil, says S&P

Hedge funds increased their exposure to stocks in the financial sector amid the banking turmoil in March, as they saw a buying opportunity at lower prices, S&P Global Market Intelligence said in a note on Thursday. “Hedge funds used the bank stress as an early buying opportunity, dismissing speculation that a significant crisis was at play,” S&P said, adding the firms boosted their exposure to financials by 5.5%, after having reduced it by 3.9% in February. Hedge funds raised their exposure to financials more than any other sector, according to S&P, which tracks assets listed in the U.S.. Hedge funds added $13.5 billion in stocks in all sectors in March.

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