MONEY managers are turning on stocks that have delivered the best returns during the bull market: small caps.
Large speculators such as hedge funds are betting US$2.8 billion this month that the Russell 2000 Index will fall. That's the most since 2012 and the highest versus average levels since 2004, according to data compiled by Bloomberg and Bank of America Corp. The about-face from a year of bullish wagers coincides with lacklustre performance. The gauge of the smallest companies stands 7.1 per cent below its 2014 high, trailing the recovery that has put the Standard & Poor's 500 Index within 1.5 per cent of a record.
Companies from KapStone Paper & Packaging Corp to Cardtronics Inc have climbed...
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