S&P 500 at new highs, is the predictable daily refrain almost. Risk-on credit markets and not so risk-on stock market sectoral overview, aren‘t an obstacle as tech can be depended upon for the delivery of gains. The degree of value underperformance is the other variable – market breadth though keeps improving under the surface as declining yields aren‘t biting value stocks as much. Real estate and homebuilders keep doing fine, healthcare in spite of the significant biotech underperformance too, and energy with materials and industrials haven‘t said their last word either. Q1 2021 hedge fund le…

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