Are equity-oriented hedge funds acting too stubborn?

They aren't performing so well this year, but that isn't making them shift their holdings much, according to a report from Goldman Sachs that was obtained by CNBC.

The study said that stock-focused funds returned 1 percent through Nov. 19, compared to 12.9 percent for the S&P 500 Index.

Yet turnover of hedge fund positions averaged only 27 percent in the third quarter, the lowest level since Goldman began tracking the statistic in 2001.

To be sure, some of these funds may have been short stocks as a hedge against a rising market, so it's perfectly logical that they would stick to their positions.

And many of the funds are doing well on their long stock positions. The 50 most popular stocks for hedge funds returned 13.5 percent through Nov. 19.

The 10 most widely-held stocks as of Sept. 30 were Apple, Acatvis, Facebook, AIG, Allergan, Microsoft, American Airlines, Citigroup, Delta Air Lines and Time Warner Cable.

Henry Blodget, editor-in-chief of Business Insider, is none too impressed with the performance of hedge funds.

"On average, hedge funds are no smarter about picking stocks or other investments than anyone else. In fact, they're decidedly, startlingly worse," he writes on the news service.

"But hedge funds are absolutely brilliant moneymaking opportunities for those who run and work for them," thanks to their high fees.

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