NAAIM Exposure looks like a warnings sign, but is it?
The survey of active US portfolio managers’ equity exposure has moved to its most bullish level of the year.
It only showed more bullishness three times last year and now sits at the 95th percentile of weekly data since 2006.
That sounds like a warning sign. But the history is more nuanced.
Firstly, it is an outlier among surveys. AAII Bull-Bear and II Bull-Bear are closer to neutral or in outright net bearish territory.
