US funds sold single-stock calls, bought puts ahead of downturn

Franklin Templeton, BlackRock, Calamos built defensive positions in Q4 2021


US mutual funds sold more single-stock calls and bought puts in the fourth quarter of last year, positioning defensively for the market downturn that took place in the early months of 2022.

The aggregate total of the market rose by $688 million to $40.8 billion, but the tepid growth disguises a decisive shift towards defensive positioning. US funds wrote an additional $1.5 billion calls and purchased $519 million of puts in Q4, while reducing both positions in purchased calls and written puts

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