Equity Positioning and Key Levels

The report highlights record-high gross leverage in the GS Prime Brokerage book and substantial $93bn long positioning by CTAs. Market breadth remains narrow while corporate buybacks continue at pace ahead of the Q2 blackout window.

Key Takeaways

• 1.Global CTA equity exposure is estimated at a long position of $93bn, with SPX positioning accounting for $34bn of that total.
• 2.GS Prime Brokerage metrics show overall book gross leverage has reached a 5-year high of 322.9%.
• 3.99% of S&P 500 corporates are currently in an open window for buybacks, with execution momentum remaining strong.

Table of Contents

• CTA Corner
• GS Prime Brokerage
• Buybacks Desk
• GS Corporate Desk Trading Flow
• Historical Repurchase Activity
• Charts in Focus

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