Macro Fear and Positioning Risk Analysis

Goldman Sachs' Lee Coppersmith warns that while macro-level fear has reached year-to-date lows, equity market positioning remains dangerously concentrated in AI and Information Technology.

Key Takeaways

• 1.Macro fear (equity volatility) has normalized to its lowest level since January, but market leadership remains extremely concentrated.
• 2.Hedge fund gross leverage saw its largest weekly increase in three years (+5.5pts) as managers rotate back into Info Tech.
• 3.Market vulnerability has shifted from broad index downside to momentum fatigue and leadership disruption.

Table of Contents

• Macro Fear Has Collapsed But Goldman Flows Guru Warns Positioning Risk Has Not
• Changes in hedge fund sector tilts vs. Russell 3000 during Q1
• US Consumer Staples
• Korea setup

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