In 2011 and 2012, the cool thing for institutional investors to do was invest with macro or managed futures funds (which are basically quant/momentum macro funds) because of jittery markets, the Euro-crisis, possible (someday?) end of QE. Equities were shunned. After a 30% year in US stocks, guess what? Flip flop. In Q1, institutional investors (who dominate hedge fund flows) invested with hedge funds who do the exact opposite of the strategies institutions loved two years ago: invest with equity funds, sell macro/MF funds. These are the guys who commonly turn their noses up at the supposed "dumb money" retail investors. The truth is that all investors are equally biased and driven by emotions - but retail are a bit more humble about it!