At my firm we are always hedged though the last 12 months have not been a great time to be hedged. Bull markets don’t create profits for hedges. The hedges expire worthless. Your underlying grows but the hedges drag down the returns. [Editor's note: The most popular stocks among hedge funds in the past quarter according to SEC data are in the tech sector specifically Apple (NASDAQ:AAPL) Google (NASDAQ:GOOG) and Microsoft (NASDAQ:MSFT). Financials Citigroup (NYSE:C) and Bank of America (NYSE:BAC) round out the top five. The order is unchanged since the first quarter of the year according to SEC ...