Hedge funds are betting big against stocks that would benefit from the economy reopening

The Italian cruise ship Costa Atlantica is docked at a port in Japan's Nagasaki, where crew members have tested positive for coronavirus.
STR / JIJI PRESS / AFP/ Getty Images

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Even as the S&P 500 is just inches away from reclaiming its record high, many hedge funds are still not convinced that the recovery is for real as they bet heavily against classic reopening stocks such as cruises and airlines.