GOLDMAN SACHS: These are the 11 stocks most hated by hedge funds

The stock market may be hitting new records all the time, but under the surface lurk companies that draw the ire of hedge funds.

They span industries ranging from retail to internet software, and they've earned the unfortunate distinction of either being overvalued, or downright fundamentally flawed.

To see which stocks bear the biggest burden of hedge fund shorts, the equity strategy team at Goldman Sachs analyzed 821 funds that hold a combined $1.9 trillion in gross equity positions.

Goldman then identified the stocks that have the highest short interest as a percentage of shares outstanding. They limit the screen to companies that have market caps greater than $1 billion, and are also held by 10 or more hedge funds.

Here's a list of the 11 stocks in the index that best fit that criteria:

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