Hedge fund crowding hit record highs in the third quarter as the world’s top funds piled into a selection of popular stocks in the face of widespread market volatility, Goldman Sachs’ analysis of filings from 735 hedge funds with $2.4tn in assets shows.

The convergence of strategies saw Goldman Sachs’ crowding index hit its highest levels in its 22-year history as hedge funds invested heavily into the world’s top technology stocks and reduced their exposure to the energy, healthcare, and industrials sectors.