People visit the Charging Bull Statue during Covid-19 pandemic in Lower Manhattan, New York City, United States on May 25, 2020.

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Hedge funds switched their bets on several big stocks this quarter and it has paid off in June, according to analysis from Jefferies.

Using aggregate holdings data of some hedge funds through April from MSCI, Jefferies analysts identified stocks that hedge funds changed directions on, betting long instead of short and vice versa. Both sets of investments would have beaten the market in June, according to a note from equity strategist Steven DeSanctis. 

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