Hedge funds cut stock holdings by almost two-thirds from a year ago, signaling that they are less willing to take risks amid tighter credit and almost $1 trillion in write-downs and losses, Goldman Sachs Group said. Net holdings of equities decreased to 17 percent from 47 percent a year ago, David Kostin, who leads Goldman's New York-based portfolio strategy team, wrote in a note. "Hedge funds may have returned closer to their roots as 'hedged' investors, less dependent on market direction to produce returns, migrated away from the levered long ... (more)