Did hedge funds score on masks, sanitiser amid Covid-19 crisis? Not so much

What would seem like a sure win for elite investors — early bets on companies racing to make face masks, hand sanitiser and other coronavirus-related protective products — turned out to be a relatively unpopular strategy and one with surprisingly mixed results.

A few hedge funds increased their holdings over the first quarter in companies associated with so-called personal protective equipment (PPE) such as 3M Co., Kimberly-Clark Corp and Honeywell International Inc, according to a Reuters review of regulatory filings compiled by research firm Symmetric.io showing stock positions as of March 31.

Hedge funds, on a net basis, sold off more than