The latest views from 42 top asset managers, offering insights into consensus positioning across 70 assets, with over 1200 individual views.
Main takeaway:
- Overall Sentiment: Bullish, but Stable
- US Equity Comeback: several upgrades and back to being the most popular developed market region
- Gold downgrades: quick sentiment clear-out from max bullish to ‘only’ net 79% bullish
Sentiment: bullish, but stable
- Overall sentiment remains very bullish, but broadly stable month-on-month.
- Risk appetite was roughly unchanged across all five of our risk-on / risk-off indicators.
- Equities: sentiment increased for the fifth consecutive month. Equities remain the most popular asset class for the third month in a row, with 71% net bullish buy-side sentiment (highest since February).
- Cash remains the least popular asset class — sentiment has been net bearish since the summer, though not as extreme as this time last year.
- Sovereigns were downgraded for the sixth straight month.
- Sectors: Defensives downgraded, while Cyclicals and Tech saw upgrades.
- Small Caps: slight downgrade, consistent with their cyclical sensitivity.
