CHART OF THE DAY: Here's What Hedge Funds Bought When They Piled Into Stocks Last Week

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In our CHART OF THE DAY yesterday, we pointed out that while stocks slumped last week, hedge funds clearly bought the dip.

So what specifically did they buy?

In a new survey from BofA/ML’s David Bianco reveals that the #1 spot to buy was (not surprisingly given all the headlines) energy, followed next by consumer discretionaries.

They were sellers of tech, materials, and financials.

chart of the day, hedge funds net buys by market cap, march 2011

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