CTAs Exposure to Equities CTA positioning has pulled back materially, but remains elevated across most major indexes. The S&P 500 sits at the 87th percentile and the Nasdaq-100 at the 69th percentile. The Russell 2000 has fallen to the 35th percentile. Image: Deutsche Bank Asset Allocation
NAAIM Exposure Index – Investor Sentiment With the NAAIM Exposure Index at 86.76, active managers remain firmly bullish on U.S. stocks, keeping equity exposure high without reaching euphoric levels. The National Association of Active Investment Managers Exposure Index tracks the two-week average of U.S. equity exposure reported by NAAIM members. Image: The Daily Chartbook
CTAs Exposure to Bonds With bond allocation at the fourth percentile, CTAs are showing almost no appetite for rates risk. Fixed income has fallen firmly out of favor. Image: Deutsche Bank Asset Allocation
CTAs Exposure to Equities CTAs have steadily increased their equity exposure in recent months. But with positioning now at the 89th percentile, the trade is starting to look crowded. Image: Deutsche Bank Asset Allocation
Estimated Exposure to AI Automation Investors have begun punishing U.S. sectors perceived as most exposed to AI-driven automation, even when those companies still show steady fundamentals, while rewarding the companies supplying the tools behind the boom. Image: Goldman Sachs Global Investment Research
CTAs Exposure to the U.S. Dollar The latest pullback has barely dented CTA appetite for the U.S. dollar, with positioning sitting at the 93rd percentile. Image: Deutsche Bank Asset Allocation
NAAIM Exposure Index – Investor Sentiment The NAAIM Exposure Index at 79.70 shows that active managers are still risk-on, with robust U.S. equity exposure and a bullish outlook. 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
% of Companies with Revenue Exposure to Just One Sector (TOPIX 500, MXAPJ, STOXX 600, S&P 500) The S&P 500 shows a striking level of concentration, with 61.1% of its companies relying on a single sector for revenue, leaving the index more exposed to shocks. Image: Goldman Sachs Global Investment Research
Retail Traders Average Portfolio Stock Allocation and Investment Managers Average Stock Exposure Over the past two decades, periods when both retail and professional traders were this heavily long have often been followed by S&P 500 underperformance in the following one to three months. Image: Bloomberg
CTAs Exposure to Gold CTAs have cut back on gold, but they’re still net long — the bulls aren’t giving up yet. Image: Deutsche Bank Asset Allocation
International vs. Domestic Exposure Export-oriented U.S. stocks surged after the tariff pause announcement, reflecting growing investor optimism over easing trade tensions—though potential tariff policy changes remain key factors to watch. Image: Bloomberg