Two months of hedge fund de-risking seems to have ended with gross exposure falling back in line with the market, but looking back at exposure from the beginning of the year the de-risking seems like the end of tactical long positions more than actual low exposure. US hedge fund gross exposure pulled away from the market at the beginning of the year, tracked it during February’s sell-off, and then piled on even more risk for the first half of March. De-risking from the middle of March through early April shows hedge funds bringing their exposure back in line with market…