September 2026
Views from 50 top asset managers across 76 assets, based on 1,400+ individual views.
Find all 100+ charts in the Sentiment Toolbox.
Main takeaways
1) Sentiment rises again
Four out of five RoRo indicators increased in September, taking our aggregate to the third-highest level in Tracker history. Equity sentiment hit a new high, with 81% of asset managers bullish, although safe-haven positioning is not yet at similarly extreme levels.
2) Max contrarian
The Buy Side is most bullish on Infrastructure, Equities and Tech.
It is most bearish on the Swiss Franc, Cash and Consumer Discretionary.
3) Swiss franc – very bearish
Now the least popular asset in the Tracker at -46% net bearish, close to its two-year lows.
Sentiment
Risk appetite rises for the fourth month in a row
Risk appetite continued to rise in September.
Four out of five of our Risk-on/Risk-off indicators increased this month, taking our aggregate to the third-highest level in the history of the Tracker. The only period when asset managers were more bullish was in the month leading up to the war with Iran.
Equities remain the most popular major asset class, while cash is the least popular. And equity sentiment has now reached a new high in the history of the Tracker.
A net 81% of asset managers are bullish on equities, with 39 Bulls, 7 Neutrals and just 1 Bear.
But this is not quite a straightforward story of investors abandoning safe havens.
Cash views are bearish, but not close to their most bearish levels. At -27% net bearish, cash sentiment is actually around its one-year average. That compares with a low of -50% net bearish in February.