The seasonally quiet month of August did manage to throw up some interesting moves amongst Hedge Funds and Institutions. Here at Redburn we saw a significant increase in two-way flow around the Housebuilder/Building Materials names, to the extent that it outstripped Capital Goods flow, which has been consistently the largest of late. Hedge Fund selling of Utilities has cooled, while Banks failed to maintain their July momentum, with falling interest across the board.
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