Buy-Side Sentiment Tracker: US Exodus

The latest views from 37 top asset managers offers insights into consensus positioning across 70 assets, with >900 individual views. Here are the highlights:

Two main messages:

1. A big bearish shift, but not capitulation

2. A very big shift away from US assets, but positioning moves more slowly than sentiment

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Here are the highlights:

Bearish, but not extreme:

• Equity sentiment has declined for the 5^th consecutive month, BUT is still more popular than fixed income

  • There are more bulls than bears on Cash, BUT that’s the same as last month

  • Big rotation into Defensive sectors (no BUT here)

  • Overall, the bearish shift is not as extreme as the AAII Bull-Bear survey or VIX