NEW YORK (Reuters) -Hedge funds reduced their exposure to stocks on Friday at the largest amount in more than two years, according to a Goldman Sachs ( GS ) note released on Monday.

The bank added some hedge funds' large moves on Friday could be compared to what was seen in March 2020, during the breakout of the COVID pandemic, and January 2021, when hedge funds were forced to unwind their short positions in the so-called meme stocks, or popular stocks among retail investors.