Hedge funds appear to be rebuilding their defensive playbook, and perhaps the clearest tell is a subtle but broad rotation into heavyweight healthcare names. Recent 13F filings show renewed interest in large-cap pharma and managed-care stocks—a shift that could set up a fresh wave of inflows into healthcare ETFs after a largely tech-dominated year.
Hedge-fund positioning has been long mega-cap tech and AI infrastructure stocks for most of 2025, but stretched valuations and rising rate volatility have pushed managers to reintroduce ballast into their portfolios.
