Equity Positioning and Key Levels

Systematic and fundamental investors maintain high equity exposures, with GS PB gross leverage at a 5-year high and CTAs long $90bn. Corporate buybacks are providing a support pillar as 99% of the S&P 500 is in the open window.

Key Takeaways

• 1.CTA global equity length is estimated at $90bn, though buying flows have slowed as trend signals teeter near thresholds.
• 2.Goldman Sachs Prime Brokerage book gross leverage has reached a 5-year high of 320.8%.
• 3.The corporate buyback window is effectively fully open, with 99% of S&P 500 companies able to execute repurchases.

Table of Contents

• Summary
• CTA Corner
• GS Prime Brokerage
• Buybacks Desk
• GS Corporate Desk Trading Flow
• GS Corporate Trading Desk Flow
• Historical Cumulative Market Execution Activity
• Charts in Focus

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