Multiple outlets report that global hedge fund managers are adjusting positioning as perceived risks from a potential US-Iran conflict recede following a US-Iran agreement. The reported shift is described as a return to a “pre-war” investment approach, with some funds looking to benefit from changing market expectations in the early stages after the agreement. Coverage points to increased attention on shorter-maturity U.S. Treasury securities, which can be used to manage interest-rate and duration risk during periods of uncertainty. Some managers also signal interest in select Asian currency exposure that had weakened, suggesting they see room for stabilization or partial recovery if geopolitical stress diminishes further. In addition, at least one source references higher-risk, equity-style exposure, including mentions of fast-moving consumer or consumer-related stocks in Asia, portrayed as among the potential beneficiaries of improved risk sentiment. Across the reporting, the common theme is that hedge funds are reallocating toward assets expected to perform better when conflict risk declines, while keeping a near-term focus through instruments with shorter maturities.