Hedge Funds' Favorite Stocks Are Getting Shredded

The stock market is selling off again, and once again it's the high-growth momentum stocks leading the market lower.

And it so happens that these are among the most popular holdings of the world's big hedge funds.

"These high growth/high multiple stocks feature prominently on our list of "stocks that matter most" to hedge fund performance," noted Goldman Sachs' David Kostin earlier this week. "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."

The top of the list includes Google(-2.0%), Facebook (-1.6%), and Amazon.com (-2.1%).

And it's not just the momentum names on the list that are getting slammed.

Other stocks on the list include General Motors, which is down 4.3%, and Citi, which is down 1.3%.

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.