May 2025
The latest views from 38 top asset managers offers insights into consensus positioning across 70 assets, with 1000 individual views.
Main takeaway:
Last month’s sentiment shift has come full circle: Equities are no longer the top pick, US equities and the dollar have fallen from most-loved to least-loved.
The highlights:
- Bearish shift post–Liberation Day continues, despite market recovery.
- Sovereigns and Cash have overtaken Equities as the most popular asset classes.
- High Yield is out of favour: 7 Bulls vs. 13 Bears, with many undecided.
- US Exodus continues: US equities and the dollar are now least popular
- USD is the most disliked asset (1 Bull vs. 13 Bears); at the same time, everyone loves the Yen, even more than the Euro.