Hedge funds are selling off their consumer staple stocks in the US, a move which is driven by concerns about how weight loss drugs will impact eating habits, according to a report by Reuters that cites data from a recent Goldman Sachs trade flow report.
The report quoted Goldman Sachs as noting, “Consumer staples is among the most net sold sectors in October, driven by short sales outpacing long buys,” owing to increased concerns about weight-loss drugs like Ozempic, Wegovy and Mounjaro, which have soaring prescriptions.
Shares in US consumer staples are down 8% this year, the report said.
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