Equity rally due to systematic buying and HF short covering. Short interest has halved from
the Q4 highs for EU equities, but is still elevated in the US. Macro HFs and CTAs have turned
outright long equities, and their exposure is close to 12m highs, yet still below average. Long
short funds have also reduced short positions, but their net exposure remains low too. Risk
control funds’ exposure has increased only modestly and remains depressed by historical
standards. So there is room left for more systematic/HF buying. In contrast, mutual funds
remain long cash and have dumped equities in recent months. As a result, their equity beta is
close to the lows. Similarly, the bid from retail investors to equities has waned, with US
households turning outright sellers of stocks. ©Barclays Equity Research
the Q4 highs for EU equities, but is still elevated in the US. Macro HFs and CTAs have turned
outright long equities, and their exposure is close to 12m highs, yet still below average. Long
short funds have also reduced short positions, but their net exposure remains low too. Risk
control funds’ exposure has increased only modestly and remains depressed by historical
standards. So there is room left for more systematic/HF buying. In contrast, mutual funds
remain long cash and have dumped equities in recent months. As a result, their equity beta is
close to the lows. Similarly, the bid from retail investors to equities has waned, with US
households turning outright sellers of stocks. ©Barclays Equity Research
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