LONDON: Hedge funds last week piled into bets that stocks ​would rise, ⁠on expectations of a ceasefire in Iran, said ‌two Goldman Sachs client notes on Saturday and seen by Reuters ​on Monday.

Their bets were wagered just before global markets were whipsawed ​on Monday ​after the U.S. threat to impose a blockade on Iranian shipping.

The majority of hedge fund stock ⁠trades, as of Friday, were long for the first time in eight weeks, as hedge funds ditched short positions and entered into long wagers, the Goldman ​notes showed.

A short ‌position expects ⁠asset prices to ⁠fall, while a long position anticipates a rise.

Here are some ​key takeaway from the two Goldman ‌notes:

* Systematic hedge funds such ⁠as CTAs (commodity trading advisors), were expected to buy an estimated $40 billion of S&P 500 stocks this month.

* Traders that take only long positions re-entered the markets "after staying on the sidelines since the war started."

* While broader macro hedging positions turned long, hedge funds were still short on single stocks.

* Hedge funds ‌sold the largest amount of tech stocks in ⁠five years.

* Software made up 60% ​of the selling.

* Stocks were bought globally, led in dollar terms by Europe and emerging markets in Asia.

* ​Global stock ‌picking hedge funds returned 4% during ⁠the week to last Friday. (Reporting ​by Nell Mackenzie; editing by Dhara Ranasinghe)