NAAIM Exposure Index – Investor Sentiment At 79.49, the latest NAAIM Index shows active managers remain bullish on U.S. equities, confident but not euphoric, even as the S&P 500 hits a record high. Confidence without FOMO usually keeps rallies healthy. The National Association of Active Investment Managers Exposure Index represents the two-week moving average exposure to U.S.…
S&P 500 and NAAIM Index Above 97 Active managers have a habit of chasing rallies and selling near lows. Last week, their equity exposure climbed to 97.13, a level usually seen around 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