Money Managers Held onto US stocks through Volatile 1st Quarter

Appaloosa and Pointstate loaded up on put options tied to the S&P 500

American exceptionalism was still intact at many money management firms as this year’s volatile first quarter came to a close.

By and large, overseas investors reported this month that their exposure to US stocks as of March 31 remained little changed from what they held at yearend. Some increased their holdings in US equities, in part by trimming existi…