The latest views from 42 top asset managers, offering insights into consensus positioning across 70 assets, with over 1200 individual views.
Main takeaway
- Buy-side sentiment most bullish in 8 months, but not pushing to new highs
- Tech sentiment is getting very bullish on the buy side, on all measures
- Everyone loves EM, both in equities and bonds
Sentiment: More and More Bullish
- A broad shift toward bullishness across nearly all indicators.
- Risk appetite improved in 4 of 5 risk-on/risk-off gauges.
- The aggregate risk-on indicator is at its highest since February.
- Equities vs Cash: approaching January highs.
- Cash: least popular since November 2024.
- Equities: 67% net bullish — highest since March.
- Sovereigns: sentiment drifting lower, weakest in 12 months.
- Biggest monthly move: equities up, cash down.
- All defensive sectors downgraded this month.
- Small Caps: downgraded again.
