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Hedge funds typically acquire new shares when the stock market is volatile in hopes of putting together a portfolio that will outperform the stock market. Hedge funds are currently outperforming the market with a basket of hedge fund stocks only being down 1% compared with the S&P 500 being down 7%, according to Business Insider.

Stocks that are heavily acquired by hedge funds are typically shares that then go on to outperform rival companies in their respective sectors. Goldman Sachs analyzed the different positions that 822 hedge funds have taken during the first quarter of this year.

"During the last 18 years, stocks with the largest increase in number of hedge fund investors ('rising stars') have typically gone on to outperform sector peers during the quarters following their rise in popularity," Ben Snider, a strategist at Goldman Sachs, said.

45 hedge funds newly acquired Microsoft and Amazon stock during the first quarter. This brought the total number of hedge funds owning Microsoft stock to 218 and the total owning Amazon stock to 239. Additionally, Clorox performed well with 15 hedge funds newly acquiring its stock.

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