Hedge funds are going long large-cap financial companies and transportation stocks, and shorting energy and household and personal product companies.

That is the key takeaway from an equity strategy note published by the prime services team at Swiss bank Credit Suisse on Monday.

The chart below shows hedge funds net exposure (difference between a fund’s long positions and its short positions) by industry group for US large caps (Russell 1000) and small caps (Russell 2000) compared to the average of the last five years.

credit suisse