Hedge funds cut their exposure to the "Big Seven" U.S. stocks in the first quarter while increasing their holdings of Chinese stocks, according to Goldman Sachs strategists. Despite the rise in trade tensions at the end of the quarter, hedge funds gradually increased their exposure to Chinese ADRs while reducing their net exposure to most of the "Big Seven" companies, according to a team led by Ben Snider. The most popular Chinese stocks held by U.S. hedge funds include Alibaba, Pinduoduo, Baidu and JD.com, the strategists wrote in a report on May 20.