The Most Hated All-Time High Ever

While equities are at all-time highs, investor positioning remains defensive with hedge fund net exposure at the 26th percentile and macro shorts at a 10-year high.

Key Takeaways

• 1.Despite stocks hitting all-time highs, market positioning is not stretched and remains remarkably under-owned.
• 2.Short exposure in US macro products is at a 10-year high, creating significant squeeze risk.
• 3.Hedge fund net exposure is low (26th percentile) while gross exposure is at historic highs (100th percentile).

Table of Contents

• Surprisingly restrained
• HF positioning
• Elevated shorts
• Macro shorts at 10-year high
• CTAs
• TPM
• Not even closed to stretched
• Most hated ATH ever
• NAAIM

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