NAAIM Exposure Index – Investor Sentiment With the NAAIM Exposure Index at 83.69, active investment managers appear confident and continue to hold significant positions in U.S. equities. The National Association of Active Investment Managers Exposure Index represents the two-week moving average exposure to U.S. equity markets reported by NAAIM members. Image: NAAIM
S&P 500 and NAAIM Index Above 97 Active investment managers are notorious for buying equities near market tops and selling near market bottoms. Last week, their equity allocation surged to 99.30, a level typically seen near short-term market peaks. Image: Real Investment Advice
NAAIM vs. S&P 500 Index Active investment managers, with their portfolios fully invested in equities, are often criticized for their consistent habit of selling at market bottoms and purchasing at market tops. Image: Real Investment Advice
Investor Sentiment – S&P 500 and NAAIM Index Below 40 The NAAIM index dropping below 40 is often interpreted as active investment managers selling equities at market bottoms, signaling a potential short-term market bottom. Image: Real Investment Advice
NAAIM 4-Week Average vs. S&P 500 Index The NAAIM 4-week average index is not far from very extreme greed levels. Image: Real Investment Advice
Sentiment – S&P 500 vs. NAAIM Exposure Index Active investment managers are chasing price. Are they too optimistic? Image: Morgan Stanley Research
NAAIM Exposure Index and S&P 500 Index Asset Manager/Institutional Short Futures Only Open Interest Is the U.S. stock market ripe for a correction? Image: BCA Research
NAAIM – Equity Exposure of U.S. Active Managers U.S. active managers are optimistic, as they have the highest level of exposure to equities in over two years, betting on a rebound in global growth. Image: Morgan Stanley Research
Investor Sentiment – NAAIM Exposure Index and S&P 500 NAAIM Exposure Index dropped to 56.15% (median exposure at 70%). NAAIM members’ optimism was short-lived. Image: Willie Delwiche, Baird