Facebook is among the stocks that are down more than 20% during the period.
Investors who are broadly diversified aren't doing too terribly. The S&P 500 is just 1.6% from its all-time high of 1,897. But the Nasdaq has tumbled by more than 5%.
According to Goldman Sachs' David Kostin, the big hedge funds are among the investors exposed to these losers.
"These high growth/high multiple stocks feature prominently on our list of "stocks that matter most" to hedge fund performance," noted Kostin. "Having outperformed by 230 bp through February, our VIP basket dropped 2% in March while S&P 500 climbed 0.8%. Long positions trail by 98 bp YTD. Short holdings created problems by rising 130 bp more than S&P 500 YTD."
Google, Facebook, and Amazon.com are on the top ten list of stocks that matter most to hedge funds.
And unfortunately, it's not just the momentum names.
Other stocks on the list include General Motors, which has been getting slammed by recalls, and Citi, which tumbled after being one of a few banks that failed the Federal Reserve's latest stress tests.
Here's a list of the top stocks on Goldman's "stocks that matter most" to hedge funds list. Note: these are based on holdings as of December 31.
Goldman Sachs