Hedge funds increased their equity-risk exposure for a second consecutive month in August, Jefferies said Friday, and listed the stocks that money managers swung from long to short positions.

Long exposure was stepped up to 264.8% from 250% at the end of July, the steepest level since November 2022, paced by increased weights for the Industrials and Materials sectors. The S&P 500 (SP500) in August finished 2.3% higher after overcoming a plunge at the start of the month.

Jefferies’ Long-to-Short portfolio had nine sectors represented, and at five, Financials had the most names moving short in August, Steven DeSanctis, U.S. small-mid cap strategist, said in a research note Thursday.

Here are the long-to-short stocks, followed by the weight change from July 31 to August 31:

• AMD (NASDAQ:AMD) - Change: -1.2 to -0.30. Sector: Info Tech
• Johnson & Johnson (NYSE:JNJ) - Change: -0.8 to -0.23. Sector: Health Care
• Madrigal Pharmaceuticals (NASDAQ:MDGL) - Change: -0.8 to -0.54. Sector: Health Care
• Lam Research (NASDAQ:LRCX) – Change: -0.8 to -0.40. Sector: Info Tech
• Bank of America (NYSE:BAC) - Change: -0.7 to -0.01. Sector: Financials
• Berkshire Hathaway (NYSE:BRK.B) - Change: -0.7 to -0.04. Sector: Financials
• PPL (NYSE:PPL) - Change: -0.7 to -0.05. Sector: Utilities
• Abbott Laboratories (NYSE:ABT) – Change: -0.6 to -0.41. Sector: Health Care
• Walt Disney (NYSE:DIS) – Change: -0.6 to -0.00. Sector: Comm. Services
• Morgan Stanley (NYSE:MS) - Change: -0.6 to -0.54. Sector: Financials
• Western Digital (NASDAQ:WDC) - Change: -0.5 to -0.18. Sector: Info Tech
• RenaissanceRe Holdings (NYSE:RNR) - Change: -0.5 to -0.31. Sector: Financials
• Dick’s Sporting Goods (NYSE:DKS) – Change: -0.4 to -0.44. Sector: Discretionary
• Micron (NASDAQ:MU) – Change: -0.4 to -0.12. Sector: Info Tech
• Builders FirstSource (NYSE:BLDR) - Change: -0.4 to -0.07. Sector: Industrials
• Lamb Weston (NYSE:LW) – Change: -0.3 to -0.12. Sector: Staples
• KeyCorp. (NYSE:KEY) – Change: -0.3 to -0.15. Sector: Financials
• JBG Smith (NYSE:JBGS) – Change: -0.2 to -0.05. Sector: Real Estate
• Edison International – Change: -0.2 to -0.10. Sector: Utilities

For investors who want to track the Financials sector with ETFs, here are some: (XLF), (IYF), (FNCL), and (IYG).

Some S&P 500 (SP500) ETFs: (VOO), (IVV), (SPY), (UPRO).