Charts at Goldman Sachs

Goldman Sachs reports that short exposure in US macro products has reached a 10-year high while the Risk Appetite Indicator is at its 99th percentile. Market dynamics are currently driven by high sentiment and the performance of rates relative to equity correlations.

Key Takeaways

• 1.Short exposure in US macro products (Index + ETF) is at a 10-year high, surpassing levels seen before the Iran ceasefire.
• 2.The Risk Appetite Indicator is in the 99th percentile, which historically correlates with a low risk of large rallies or sell-offs.
• 3.Mutual funds have the lowest exposure to the Software sector (excluding Microsoft) since 2012.

Table of Contents

• Squeeze Risk
• Prime Book
• Performance
• Underweight
• Capex Upcycle
• Risk Appetite Indicator in the 99th percentile since 1991
• Momentum
• Rates Still In The Driver's Seat
• Dividends
• US Tariff Impact Tracker
• Correlation
• Notice to Australian Investors
• Additional Disclaimers

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