June 2025
The latest views from 38 top asset managers offers insights into consensus positioning across 70 assets, with over 1000 individual views.
Main takeaway:
Despite a rebound in markets, buy-side sentiment hasn’t recovered. Equity views declined again, though Tech stands out with a clear return of bullishness—mirroring recent price gains.
The highlights:
- Reluctant rally: Sentiment remains subdued even as markets rise—an unusual divergence.
- Equity sentiment drifts lower: This marks another month of declining equity popularity. However, unlike previous months, Cash and Sovereigns didn’t see further gains. Still, both remain more popular than equities overall.
- Sitting on the fence: There are no strong asset allocation views. This month shows the narrowest gap between the most and least popular asset classes—suggesting broad indecision.