Analysis-Wobbling US stocks could push volatility-linked funds to ramp up selling [Yahoo! Finance]
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Source: Yahoo! Finance
Volatility control funds - systematic investment strategies that typically buy equities when markets are calm and sell when they grow turbulent - hoovered up stocks as the S&P 500 marched to record highs this year. With the S&P 500 now off more than 4% from those levels and the Cboe Volatility Index near its highest point since October, some of these funds are once again becoming sellers. Though the S&P 500 is still up about 5% year-to-date, further gyrations could trigger more selling from the funds: analysts at Nomura estimate the strategies could dump some $45 billion worth of stocks if the S&P 500 averages daily moves of 1% over the next two weeks. "Their positioning is clearly above average,” said Parag Thatte, a strategist at Deutsche Bank. "There is room for them to pull back in terms of exposure." Nomura's Charlie McElligott estimates that volatility control funds have already started selling, shedding about $16.2 billion in equity exposure over the last week. While
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