Hedge funds dialed up their exposure to the broad U.S. equity market in the third quarter, piling into S&P 500 ETFs at a scale not seen in several quarters. New 13F filings aggregated by HedgeFollow place both iShares Core S&P 500 ETF (NYSE:IVV) and SPDR S&P 500 ETF Trust (NYSE:SPY) among the 25 most purchased positions by large hedge funds, in what appears to be a decisive tilt toward diversified market exposure rather than narrow single-stock conviction.
