While some hedge funds are long-only and others are long-short, OpenGamma has developed software for very quant-driven funds whose strategies use the application of risk to drive their returns, added Wylie.

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It does nothing to restore confidence when the biggest model-driven hedge funds had to get in new money.

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But Google remains the second most important stock in fundamentals-driven hedge funds, given only slightly less weight than No. 1 favorite Apple, according to a Goldman Sachs ( GS) reports.

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