Hedge funds aren't changing their stock holdings much despite poor performance compared with the broader stock market.
Hedge fund position turnover averaged 27 percent in the third quarter, according to a new report of holdings as of Sept. 31 by Goldman Sachs. That's the lowest percentage ever since tracking began in 2001.
The typical hedge fund also has an average of 64 percent of its long stock bets invested in its 10 largest positions, according to the report.
"Hedge fund returns are highly dependent on the performance of a few key stocks," Goldman Sachs wrote.