June 2026
Views from 48 top asset managers across 73 assets, based on 1,400+ individual views.
Main takeaways
1) Cautiously bullish
Broad risk appetite increased a little and moved back into slightly bullish territory. But this is not broad-based euphoria.
The bullishness is concentrated in specific pockets rather than spread evenly across markets. Even before the recent Tech-driven sell-off, there were few signs of excessively bullish investor positioning.
2) Max Contrarian
The buy side is most bullish on Infrastructure, industrial metals and Tech.
It is most bearish on US Treasuries, Real Estate and the US dollar.
3) Bunds > Treasuries
Bunds continue to rebound in popularity, with upgrades in four of the past five months.
At the same time, US Treasuries were downgraded again and are now the least popular asset overall in the Buy-side Sentiment Tracker.
Sentiment: cautiously bullish
Buy-side sentiment rose in June, but remains well below its pre-war highs.
The broader message is one of underlying bullishness, but still with enough caution to make it difficult to describe positioning as excessive.
That is consistent with what we are seeing in most other investor sentiment indicators.
Risk appetite
The risk appetite message was mixed, but with a bullish tilt.
Risk appetite increased in four of our five risk-on/risk-off indicators. Our aggregate risk-on/risk-off indicator rose on the month and moved back above average.
But it remains at the second-lowest level since October and is almost as far from the pre-war high as it is from the post-Liberation Day low.
Equities were upgraded to +69% net bullish. That makes them the most popular major asset class in the tracker.
But again, this is not a euphoric reading. Equity bullishness remains below the +76% highs seen in February, March and late 2024.
Equities: 34 Bulls | 13 Neutrals | 1 Bear