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Where Hedge Funds Are Looking Now: Scaramucci

Monday, 12 Nov 2012 | 5:52 PM ET

Following the U.S. presidential election, hedge funds are adding risk to their portfolios, Anthony Scaramucci of SkyBridge Capital said Monday on CNBC.

"More risk is being taken right now," he said on "Fast Money."

Beta adjustment is also going on, Scaramucci added.

"We also believe, the consensus is that the 'fiscal cliff' situation will get resolved, which sets up pretty nicely for next year, and there might be a touch more better-than-expected economic growth next year.

What Hedge Funds Are Doing Now: Scaramucci
Following the U.S. presidential election, here's how hedge funds are gearing up for next year, says Anthony Scaramucci of SkyBridge Capital.

"And so, I think you'll see more hedge funds migrating into equities. We're certainly seeing that on the margin," he said. "I would say risk-on."

The so-called fiscal cliff would trigger automatic federal spending cuts and see the expiration of the Bush tax cuts if Washington lawmakers fail to approve a budget.

So where are funds flowing?

(Read More: Fiscal Cliff: Complete Coverage)

"On the margin, it's still looks like it's going into high-yield and the mortgage-backed market on the margin," Scaramucci said. "We are seeing some people start to think about Europe and European distress, particularly on the corporate debt side. And that's why I think the equities are actually going to surprise people, because flows are still going fixed-income directionally, and so all you need is a little bit incremental more demand on the equities side to see the valuations go up."

Trader disclosure: On Nov. 12, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Dennis Gartman is long GOLD; Dennis Gartman is short YEN; Dennis Gartman is short Euro; Dennis Gartman is long S&P; Dennis Gartman is long AUD; Tim Seymour is long BAC; Tim Seymour is long SBUX; Karen Finerman is long AAPL; Karen Finerman is long BAC; Karen Finerman is long JPM; Karen Finerman is long WMT; Karen Finerman is long TGT; Karen Finerman is long MSFT; Karen Finerman is long WMT; Karen Finerman is long M; Karen Finerman is long JCP; Karen Finerman is short SPY; Karen Finerman is short IWM; Karen Finerman is short MDY; Steve Grasso is long ACI; Steve Grasso is long AET; Steve Grasso is long ASTM; Steve Grasso is long AUO; Steve Grasso is long BA; Steve Grasso is long BTU; Steve Grasso is long CLF; Steve Grasso is long F; Steve Grasso is long LF; Steve Grasso is long LNG; Steve Grasso is long MHY; Steve Grasso is long P; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long S; Steve Grasso is long WYNN.

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