Rebuilt OKF report · docling ingestion
Investor Positioning - Strategy Update and Flows The Boom And The Gloom.pdf
Deutsche Bank · 52pp · filed 2026-07-27
·
sha1:0c22aa8975e140119de2original document
Investor Positioning - Strategy Update and Flows The Boom And The Gloom.pdfsource of record
/Users/vertex/Library/CloudStorage/Dropbox/Backup/2026/July/Jul 27/Deutsche Bank/Investor Positioning - Strategy Update and Flows The Boom And The Gloom.pdforiginal PDFopen the source document ↗
cited in briefs on
2026-07-28
pages 52
figures 178
rendered 178
captioned 178/178
OKF v0.2
restriction none-detected
line_chart 155 bar_chart 23
What this page is. A reconstruction that reunites three artifacts the pipeline keeps
apart: the OKF frontmatter contract, the full per-page OCR text, and every cropped figure.
The object actually stored at
Captions are bound by page geometry, not by docling.
In-house only. Broker research under the 2026-07-28 licensing ruling — no redistribution.
docs/sha1:0c22aa8975e140119de2.md in broker-gallery
carries a lead extract plus a figure index — not the full text — so this is a reading
view, not a byte-for-byte re-render of the bucket object.Captions are bound by page geometry, not by docling.
crop_figures computes
a bounding box for every figure and the stored figure_files record throws it away,
which is why the OKF payload could never check a caption and flagged all of them suspect.
Recovering each crop's position on the page — by locating it inside a re-render of its own
source page — binds the caption that physically sits above it. Result on this document:
81 captions where docling agrees, 94
recovered where docling had none, 3 where docling pointed at the
wrong figure. Every figure below carries which of those it is.In-house only. Broker research under the 2026-07-28 licensing ruling — no redistribution.
OKF frontmatter — the stored contract (23 fields)
| type | BrokerDocRender |
| audience | ["fund-ops", "engineering"] |
| schema_version | 1.0 |
| file_id | sha1:0c22aa8975e140119de2 |
| title | Investor Positioning Strategy Update and Flows The Boom And The Gloom |
| description | Investor Positioning Strategy Update and Flows The Boom And The Gloom — Deutsche Bank, 52pp, filed 2026-07-27. |
| resource | /docs/sha1:0c22aa8975e140119de2.md |
| generated | {"by": "process:viskares-broker-docling-export", "at": "2026-07-28T00:00:00+00:00"} |
| created | 2026-07-27 |
| tags | ["broker-research", "deutsche-bank"] |
| broker | Deutsche Bank |
| broker_raw | Deutsche Bank |
| filed_on | 2026-07-27 |
| pages | 52 |
| report_id | None |
| superseded_by | None |
| degraded | False |
| restriction_class | none-detected |
| restriction_evidence | None |
| restriction_pattern_version | rp-1.0 |
| source_via | Deutsche Bank |
| originator | Deutsche Bank |
| named_recipient | None |
---
type: BrokerDocRender
audience: [fund-ops, engineering]
title: "Investor Positioning Strategy Update and Flows The Boom And The Gloom"
description: "Investor Positioning Strategy Update and Flows The Boom And The Gloom — Deutsche Bank, 52pp, filed 2026-07-27."
resource: "/docs/sha1:0c22aa8975e140119de2.md"
status: stable
generated:
by: "process:viskares-broker-docling-export"
at: "2026-07-28T00:00:00+00:00"
created: "2026-07-27"
tags: [broker-research, deutsche-bank]
schema_version: "1.0"
file_id: sha1:0c22aa8975e140119de2
broker: "Deutsche Bank"
broker_raw: "Deutsche Bank"
filed_on: "2026-07-27"
pages: 52
report_id: null
superseded_by: null
degraded: false
restriction_class: "none-detected"
restriction_evidence: null
restriction_pattern_version: "rp-1.0"
source_via: "Deutsche Bank"
originator: "Deutsche Bank"
named_recipient: null
figures:
- key: figures/sha1:0c22aa8975e140119de2/3-0.png
page: 3
class: "line_chart"
confidence: 0.993
caption: "Figure 1: The S&P 500 is once again stuck in a narrow range …"
caption_source: "confirmed"
caption_suspect: false
figure_no: 1
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/3-1.png
page: 3
class: "line_chart"
confidence: 0.998
caption: "Figure 2: … accompanied by rotations"
caption_source: "recovered"
caption_suspect: false
figure_no: 2
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/4-2.png
page: 4
class: "line_chart"
confidence: 0.998
caption: "Figure 3: The rotation out of MCG & Tech is about three-fourths of the way through in our reading"
caption_source: "confirmed"
caption_suspect: false
figure_no: 3
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/4-3.png
page: 4
class: "line_chart"
confidence: 0.992
caption: "Figure 4: Equities have gone sideways despite Q2 delivering a sharp increase in"
caption_source: "recovered"
caption_suspect: false
figure_no: 4
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/5-4.png
page: 5
class: "line_chart"
confidence: 0.847
caption: "Figure 5: Consensus estimates for Q3 (as well as for Q4 and 2027) have"
caption_source: "corrected"
caption_suspect: false
figure_no: 5
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/5-5.png
page: 5
class: "bar_chart"
confidence: 0.59
caption: "Figure 6: … in contrast to the typical pattern of cuts to forward estimates during"
caption_source: "recovered"
caption_suspect: false
figure_no: 6
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/6-6.png
page: 6
class: "line_chart"
confidence: 0.995
caption: "Figure 7: Aggregate equity positioning has fallen to neutral on the back of sharp cuts in exposure by discretionary investors to their lowest level since early April, while the positioning of systematic strategies remains relatively high"
caption_source: "confirmed"
caption_suspect: false
figure_no: 7
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/6-7.png
page: 6
class: "line_chart"
confidence: 0.996
caption: "Figure 8: Positioning in large-cap Tech has been cut sharply from elevated levels to near neutral"
caption_source: "confirmed"
caption_suspect: false
figure_no: 8
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/7-8.png
page: 7
class: "line_chart"
confidence: 0.996
caption: "Figure 9: Large cap equity positioning is well below levels implied by earnings growth …"
caption_source: "confirmed"
caption_suspect: false
figure_no: 9
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/7-9.png
page: 7
class: "line_chart"
confidence: 0.993
caption: "Figure 10: … as is positioning in large-cap Tech as investors remain focused instead on surging capex and the sustainability of growth"
caption_source: "confirmed"
caption_suspect: false
figure_no: 10
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/8-10.png
page: 8
class: "bar_chart"
confidence: 0.995
caption: "Figure 11: MCG & Tech companies have notably underperformed on the day of reporting on average, while the others have performed in line"
caption_source: "confirmed"
caption_suspect: false
figure_no: 11
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/8-11.png
page: 8
class: "line_chart"
confidence: 0.995
caption: "Figure 12: Oil prices have risen sharply this month and are more than 50%"
caption_source: "recovered"
caption_suspect: false
figure_no: 12
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/9-12.png
page: 9
class: "line_chart"
confidence: 0.951
caption: "Figure 13: … well above the +/- 30% seen historically, but below the March"
caption_source: "recovered"
caption_suspect: false
figure_no: 13
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/9-13.png
page: 9
class: "line_chart"
confidence: 0.998
caption: "Figure 14: The premium in the front month contract relative to that 6 months"
caption_source: "recovered"
caption_suspect: false
figure_no: 14
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/10-14.png
page: 10
class: "line_chart"
confidence: 0.998
caption: "Figure 15: … as has the volatility in oil prices."
caption_source: "confirmed"
caption_suspect: false
figure_no: 15
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/10-15.png
page: 10
class: "line_chart"
confidence: 0.998
caption: "Figure 16: The increase in oil vol is also raising rates vol, which is usually a temporary drag on equities"
caption_source: "confirmed"
caption_suspect: false
figure_no: 16
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/11-16.png
page: 11
class: "line_chart"
confidence: 0.999
caption: "Figure 17: 10y break even inflation rates have essentially gone sideways but 10y"
caption_source: "recovered"
caption_suspect: false
figure_no: 17
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/11-17.png
page: 11
class: "line_chart"
confidence: 0.999
caption: "Figure 18: Breakeven inflation rates have not yet risen significantly despite the"
caption_source: "recovered"
caption_suspect: false
figure_no: 18
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/16-18.png
page: 16
class: "line_chart"
confidence: 0.978
caption: "Figure 19: Consolidated equity positioning 1"
caption_source: "confirmed"
caption_suspect: false
figure_no: 19
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/16-19.png
page: 16
class: "line_chart"
confidence: 0.993
caption: "Figure 20: Discretionary vs systematic strategies divide2"
caption_source: "recovered"
caption_suspect: false
figure_no: 20
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/16-20.png
page: 16
class: "bar_chart"
confidence: 0.796
caption: "Figure 21: All equity positioning indicators"
caption_source: "corrected"
caption_suspect: false
figure_no: 21
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/16-21.png
page: 16
class: "line_chart"
confidence: 0.985
caption: "Figure 22: Systematic strategies positioning vs S&P 500"
caption_source: "recovered"
caption_suspect: false
figure_no: 22
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/17-22.png
page: 17
class: "line_chart"
confidence: 0.994
caption: "Figure 23: Discretionary investor positioning vs ISM"
caption_source: "recovered"
caption_suspect: false
figure_no: 23
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/17-23.png
page: 17
class: "bar_chart"
confidence: 0.977
caption: "Figure 25: Equity positioning across sectors3"
caption_source: "recovered"
caption_suspect: false
figure_no: 25
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/17-24.png
page: 17
class: "line_chart"
confidence: 0.986
caption: "Figure 27: Financials positioning"
caption_source: "recovered"
caption_suspect: false
figure_no: 27
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/17-25.png
page: 17
class: "line_chart"
confidence: 0.998
caption: "Figure 24: Discretionary investor positioning vs S&P 500"
caption_source: "recovered"
caption_suspect: false
figure_no: 24
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/17-26.png
page: 17
class: "line_chart"
confidence: 0.992
caption: "Figure 26: Mega-cap growth & Tech positioning"
caption_source: "confirmed"
caption_suspect: false
figure_no: 26
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/17-27.png
page: 17
class: "line_chart"
confidence: 0.997
caption: "Figure 28: Energy positioning"
caption_source: "recovered"
caption_suspect: false
figure_no: 28
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/18-28.png
page: 18
class: "line_chart"
confidence: 0.998
caption: "Figure 29: Consumer cyclicals positioning"
caption_source: "recovered"
caption_suspect: false
figure_no: 29
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/18-29.png
page: 18
class: "line_chart"
confidence: 0.997
caption: "Figure 31: Materials positioning"
caption_source: "recovered"
caption_suspect: false
figure_no: 31
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/18-30.png
page: 18
class: "line_chart"
confidence: 0.995
caption: "Figure 33: Healthcare positioning"
caption_source: "recovered"
caption_suspect: false
figure_no: 33
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/18-31.png
page: 18
class: "line_chart"
confidence: 0.993
caption: "Figure 30: Industrial cyclicals positioning"
caption_source: "recovered"
caption_suspect: false
figure_no: 30
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/18-32.png
page: 18
class: "line_chart"
confidence: 0.996
caption: "Figure 32: Consumer Staples positioning"
caption_source: "recovered"
caption_suspect: false
figure_no: 32
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/18-33.png
page: 18
class: "line_chart"
confidence: 0.991
caption: "Figure 34: Real Estate positioning"
caption_source: "recovered"
caption_suspect: false
figure_no: 34
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/19-34.png
page: 19
class: "line_chart"
confidence: 0.994
caption: "Figure 35: Utilities positioning"
caption_source: "recovered"
caption_suspect: false
figure_no: 35
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/19-35.png
page: 19
class: "line_chart"
confidence: 0.987
caption: "Figure 37: Major sector groups positioning"
caption_source: "recovered"
caption_suspect: false
figure_no: 37
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/19-36.png
page: 19
class: "line_chart"
confidence: 0.996
caption: "Figure 36: Small caps positioning"
caption_source: "recovered"
caption_suspect: false
figure_no: 36
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/19-37.png
page: 19
class: "line_chart"
confidence: 0.989
caption: "Figure 38: Cyclical minus defensives positioning"
caption_source: "recovered"
caption_suspect: false
figure_no: 38
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/20-38.png
page: 20
class: "line_chart"
confidence: 0.984
caption: "Figure 39: Systematic strategies positioning"
caption_source: "confirmed"
caption_suspect: false
figure_no: 39
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/20-39.png
page: 20
class: "line_chart"
confidence: 0.98
caption: "Figure 41: CTAs exposure to equities"
caption_source: "confirmed"
caption_suspect: false
figure_no: 41
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/20-40.png
page: 20
class: "line_chart"
confidence: 0.961
caption: "Figure 40: Vol-Control equity allocations"
caption_source: "recovered"
caption_suspect: false
figure_no: 40
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/20-41.png
page: 20
class: "line_chart"
confidence: 0.999
caption: "Figure 42: Risk-Parity portfolio weight in equity"
caption_source: "confirmed"
caption_suspect: false
figure_no: 42
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/21-42.png
page: 21
class: "line_chart"
confidence: 0.983
caption: "Figure 43: Vol-Control funds equity allocations6"
caption_source: "recovered"
caption_suspect: false
figure_no: 43
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/21-43.png
page: 21
class: "line_chart"
confidence: 0.996
caption: "Figure 45: Vol metrics breakdown"
caption_source: "recovered"
caption_suspect: false
figure_no: 45
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/21-44.png
page: 21
class: "line_chart"
confidence: 0.997
caption: "Figure 44: Vol-Control funds equity allocation and"
caption_source: "recovered"
caption_suspect: false
figure_no: 44
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/21-45.png
page: 21
class: "line_chart"
confidence: 0.983
caption: "Figure 46: Vol-Control funds sensitivity to a 2% market sell-off"
caption_source: "confirmed"
caption_suspect: false
figure_no: 46
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/22-46.png
page: 22
class: "line_chart"
confidence: 0.974
caption: "Figure 47: CTAs exposure to equities"
caption_source: "confirmed"
caption_suspect: false
figure_no: 47
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/22-47.png
page: 22
class: "line_chart"
confidence: 0.993
caption: "Figure 49: CTAs exposure to bonds"
caption_source: "recovered"
caption_suspect: false
figure_no: 49
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/22-48.png
page: 22
class: "line_chart"
confidence: 0.985
caption: "Figure 48: CTAs exposure to equity categories (z scores)"
caption_source: "recovered"
caption_suspect: false
figure_no: 48
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/22-49.png
page: 22
class: "line_chart"
confidence: 0.997
caption: "Figure 50: CTAs exposure to bond regions (z scores)"
caption_source: "confirmed"
caption_suspect: false
figure_no: 50
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/23-50.png
page: 23
class: "line_chart"
confidence: 0.981
caption: "Figure 51: CTAs exposure to the US dollar"
caption_source: "confirmed"
caption_suspect: false
figure_no: 51
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/23-51.png
page: 23
class: "line_chart"
confidence: 0.949
caption: "Figure 53: CTAs exposure to Oil"
caption_source: "recovered"
caption_suspect: false
figure_no: 53
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/23-52.png
page: 23
class: "line_chart"
confidence: 0.997
caption: "Figure 52: CTAs exposure to Currencies (z-scores)"
caption_source: "recovered"
caption_suspect: false
figure_no: 52
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/23-53.png
page: 23
class: "line_chart"
confidence: 0.989
caption: "Figure 54: CTAs exposure to major Commodities"
caption_source: "recovered"
caption_suspect: false
figure_no: 54
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/24-54.png
page: 24
class: "line_chart"
confidence: 0.998
caption: "Figure 55: Risk-Parity portfolio weight in equity"
caption_source: "confirmed"
caption_suspect: false
figure_no: 55
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/24-55.png
page: 24
class: "line_chart"
confidence: 0.987
caption: "Figure 57: Risk-Parity portfolio weight in bonds"
caption_source: "confirmed"
caption_suspect: false
figure_no: 57
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/24-56.png
page: 24
class: "line_chart"
confidence: 0.993
caption: "Figure 59: Risk-Parity portfolio weight in Commodities"
caption_source: "confirmed"
caption_suspect: false
figure_no: 59
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/24-57.png
page: 24
class: "line_chart"
confidence: 0.995
caption: "Figure 56: Risk-Parity portfolio weight in equity regions (z"
caption_source: "recovered"
caption_suspect: false
figure_no: 56
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/24-58.png
page: 24
class: "line_chart"
confidence: 0.989
caption: "Figure 58: Risk-Parity portfolio weight in US inflationlinked bonds"
caption_source: "confirmed"
caption_suspect: false
figure_no: 58
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/24-59.png
page: 24
class: "line_chart"
confidence: 0.974
caption: "Figure 60: Risk-Parity portfolio weight in US REITs"
caption_source: "confirmed"
caption_suspect: false
figure_no: 60
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/25-60.png
page: 25
class: "line_chart"
confidence: 0.97
caption: "Figure 61: Investor bull minus bear spread 9"
caption_source: "confirmed"
caption_suspect: false
figure_no: 61
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/25-61.png
page: 25
class: "line_chart"
confidence: 0.975
caption: "Figure 63: Investor bearish sentiment"
caption_source: "confirmed"
caption_suspect: false
figure_no: 63
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/25-62.png
page: 25
class: "line_chart"
confidence: 0.927
caption: "Figure 62: Investor bullish sentiment"
caption_source: "confirmed"
caption_suspect: false
figure_no: 62
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/25-63.png
page: 25
class: "line_chart"
confidence: 0.986
caption: "Figure 64: Investor neutral sentiment"
caption_source: "confirmed"
caption_suspect: false
figure_no: 64
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/26-64.png
page: 26
class: "line_chart"
confidence: 0.996
caption: "Figure 65: Median cash shorts taken as % of shares outstanding for the Russell 3000 10"
caption_source: "confirmed"
caption_suspect: false
figure_no: 65
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/26-65.png
page: 26
class: "line_chart"
confidence: 0.994
caption: "Figure 67: Cash equities short interest as % of market cap 11"
caption_source: "confirmed"
caption_suspect: false
figure_no: 67
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/26-66.png
page: 26
class: "line_chart"
confidence: 0.994
caption: "Figure 66: Median cash shorts taken as % of shares"
caption_source: "recovered"
caption_suspect: false
figure_no: 66
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/26-67.png
page: 26
class: "line_chart"
confidence: 0.999
caption: "Figure 68: Cash equities short interest across indices as % of market cap 12"
caption_source: "confirmed"
caption_suspect: false
figure_no: 68
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/27-68.png
page: 27
class: "line_chart"
confidence: 0.999
caption: "Figure 69: S&P 500 sectors median cash shorts taken as % of shares outstanding"
caption_source: "confirmed"
caption_suspect: false
figure_no: 69
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/27-69.png
page: 27
class: "bar_chart"
confidence: 0.992
caption: "Figure 71: 1-month change in sector-wise short interest"
caption_source: "recovered"
caption_suspect: false
figure_no: 71
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/27-70.png
page: 27
class: "line_chart"
confidence: 0.989
caption: "Figure 70: S&P 500 sectors cash equities short interest as"
caption_source: "recovered"
caption_suspect: false
figure_no: 70
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/27-71.png
page: 27
class: "line_chart"
confidence: 0.999
caption: "Figure 72: Short interest basket relative performance"
caption_source: "recovered"
caption_suspect: false
figure_no: 72
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/28-72.png
page: 28
class: "line_chart"
confidence: 0.981
caption: "Source : CBOE, E, Haver Analytics, Deutsche Bank Asset Allocation"
caption_source: "confirmed"
caption_suspect: false
figure_no: 73
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/28-73.png
page: 28
class: "line_chart"
confidence: 0.997
caption: "Source : CBOE, E, Haver Analytics, Deutsche Bank Asset Allocation"
caption_source: "confirmed"
caption_suspect: false
figure_no: 75
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/28-74.png
page: 28
class: "line_chart"
confidence: 0.995
caption: "Figure 77: All stocks net call volume across sector groups"
caption_source: "recovered"
caption_suspect: false
figure_no: 77
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/28-75.png
page: 28
class: "line_chart"
confidence: 0.864
caption: "Figure 74: Equity call vs put volumes"
caption_source: "confirmed"
caption_suspect: false
figure_no: 74
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/28-76.png
page: 28
class: "line_chart"
confidence: 0.995
caption: "Source : CBOE, E, Haver Analytics, Deutsche Bank Asset Allocation"
caption_source: "confirmed"
caption_suspect: false
figure_no: 76
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/28-77.png
page: 28
class: "line_chart"
confidence: 0.98
caption: "Figure 78: S&P 500 stocks net call volume across sector"
caption_source: "recovered"
caption_suspect: false
figure_no: 78
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/29-78.png
page: 29
class: "line_chart"
confidence: 0.999
caption: "Figure 79: Net call volume of stocks outside of the S&P 500 across sector groups"
caption_source: "confirmed"
caption_suspect: false
figure_no: 79
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/29-79.png
page: 29
class: "line_chart"
confidence: 0.996
caption: "Figure 81: Net bullish opened option volume for all customers 14"
caption_source: "confirmed"
caption_suspect: false
figure_no: 81
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/29-80.png
page: 29
class: "line_chart"
confidence: 1.0
caption: "Figure 80: Relative performance of a basket of stocks with"
caption_source: "recovered"
caption_suspect: false
figure_no: 80
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/29-81.png
page: 29
class: "line_chart"
confidence: 0.995
caption: "Figure 82: Net bullish opened option volume by customer category"
caption_source: "confirmed"
caption_suspect: false
figure_no: 82
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/30-82.png
page: 30
class: "line_chart"
confidence: 0.999
caption: "Figure 83: S&P 500 realized and implied volatility"
caption_source: "recovered"
caption_suspect: false
figure_no: 83
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/30-83.png
page: 30
class: "line_chart"
confidence: 0.988
caption: "Figure 85: 3M implied vol and skew"
caption_source: "recovered"
caption_suspect: false
figure_no: 85
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/30-84.png
page: 30
class: "line_chart"
confidence: 0.986
caption: "Figure 86: Blended mutual funds beta to the S&P 500"
caption_source: "confirmed"
caption_suspect: false
figure_no: 86
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/30-85.png
page: 30
class: "line_chart"
confidence: 0.999
caption: "Figure 84: S&P 500 1m realized and implied correlation"
caption_source: "recovered"
caption_suspect: false
figure_no: 84
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/30-86.png
page: 30
class: "line_chart"
confidence: 0.982
caption: "Figure 87: Equity L/S HFs beta to the S&P 500"
caption_source: "confirmed"
caption_suspect: false
figure_no: 87
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/31-87.png
page: 31
class: "bar_chart"
confidence: 0.813
caption: "Figure 88: Summary of fund flows across assets and categories"
caption_source: "recovered"
caption_suspect: false
figure_no: 88
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/32-88.png
page: 32
class: "bar_chart"
confidence: 0.998
caption: "Figure 90: Flows across major asset classes last 4 weeks"
caption_source: "confirmed"
caption_suspect: false
figure_no: 90
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/32-89.png
page: 32
class: "bar_chart"
confidence: 0.814
caption: "Figure 92: Cross-asset flows last 4 weeks"
caption_source: "confirmed"
caption_suspect: false
figure_no: 92
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/32-90.png
page: 32
class: "line_chart"
confidence: 0.997
caption: "Figure 91: Flows across major asset classes in last 12"
caption_source: "recovered"
caption_suspect: false
figure_no: 91
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/32-91.png
page: 32
class: "line_chart"
confidence: 0.999
caption: "Figure 93: Cross-asset flows in last 12 months"
caption_source: "confirmed"
caption_suspect: false
figure_no: 93
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/33-92.png
page: 33
class: "bar_chart"
confidence: 0.589
caption: "Figure 95: Regional equity fund flows last 4 weeks"
caption_source: "confirmed"
caption_suspect: false
figure_no: 95
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/33-93.png
page: 33
class: "line_chart"
confidence: 0.998
caption: "Figure 96: Equity flows across regions"
caption_source: "recovered"
caption_suspect: false
figure_no: 96
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/34-94.png
page: 34
class: "bar_chart"
confidence: 0.812
caption: "Figure 97: Sector fund flows last 4 weeks"
caption_source: "confirmed"
caption_suspect: false
figure_no: 97
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/34-95.png
page: 34
class: "bar_chart"
confidence: 0.68
caption: "Figure 99: US equity flows into thematic funds last 4"
caption_source: "recovered"
caption_suspect: false
figure_no: 99
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/34-96.png
page: 34
class: "line_chart"
confidence: 0.75
caption: "Figure 101: Weekly flows into cryptocurrency funds"
caption_source: "recovered"
caption_suspect: false
figure_no: 101
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/34-97.png
page: 34
class: "line_chart"
confidence: 0.986
caption: "Figure 98: Sector fund flows"
caption_source: "confirmed"
caption_suspect: false
figure_no: 98
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/34-98.png
page: 34
class: "line_chart"
confidence: 0.997
caption: "Figure 100: US equity flows into thematic funds"
caption_source: "confirmed"
caption_suspect: false
figure_no: 100
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/34-99.png
page: 34
class: "line_chart"
confidence: 0.999
caption: "Figure 102: Cumulative flows into cryptocurrency funds"
caption_source: "recovered"
caption_suspect: false
figure_no: 102
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/35-100.png
page: 35
class: "bar_chart"
confidence: 0.986
caption: "Figure 104: Bond fund flows by category last 4 weeks"
caption_source: "confirmed"
caption_suspect: false
figure_no: 104
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/35-101.png
page: 35
class: "line_chart"
confidence: 0.989
caption: "Figure 105: Bond flows by category"
caption_source: "recovered"
caption_suspect: false
figure_no: 105
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/36-102.png
page: 36
class: "bar_chart"
confidence: 0.997
caption: "Figure 106: Bond fund flows by maturity last 4 weeks"
caption_source: "confirmed"
caption_suspect: false
figure_no: 106
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/36-103.png
page: 36
class: "bar_chart"
confidence: 0.994
caption: "Figure 108: Credit fund flows to US and Europe last 4 weeks"
caption_source: "confirmed"
caption_suspect: false
figure_no: 108
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/36-104.png
page: 36
class: "bar_chart"
confidence: 0.998
caption: "Figure 110: Bond fund flows across regions last 4 weeks"
caption_source: "confirmed"
caption_suspect: false
figure_no: 110
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/36-105.png
page: 36
class: "line_chart"
confidence: 0.998
caption: "Figure 107: Bond fund flows by maturity"
caption_source: "recovered"
caption_suspect: false
figure_no: 107
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/36-106.png
page: 36
class: "line_chart"
confidence: 0.998
caption: "Figure 109: Credit fund flows to US and Europe"
caption_source: "confirmed"
caption_suspect: false
figure_no: 109
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/36-107.png
page: 36
class: "line_chart"
confidence: 0.995
caption: "Figure 111: Bond fund flows across regions"
caption_source: "confirmed"
caption_suspect: false
figure_no: 111
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/37-108.png
page: 37
class: "bar_chart"
confidence: 0.936
caption: "Figure 112: Cross-asset futures positioning"
caption_source: "recovered"
caption_suspect: false
figure_no: 112
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/37-109.png
page: 37
class: "bar_chart"
confidence: 0.886
caption: "Figure 113: Week-over-week changes in futures positioning"
caption_source: "confirmed"
caption_suspect: false
figure_no: 113
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/38-110.png
page: 38
class: "line_chart"
confidence: 0.996
caption: "Figure 114: Aggregate US equity futures positioning"
caption_source: "confirmed"
caption_suspect: false
figure_no: 114
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/38-111.png
page: 38
class: "line_chart"
confidence: 0.998
caption: "Figure 116: Aggregate US equity futures and ISM Manufacturing"
caption_source: "confirmed"
caption_suspect: false
figure_no: 116
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/38-112.png
page: 38
class: "bar_chart"
confidence: 0.989
caption: "Figure 118: Current US equity futures positioning"
caption_source: "recovered"
caption_suspect: false
figure_no: 118
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/38-113.png
page: 38
class: "line_chart"
confidence: 0.984
caption: "Figure 115: Aggregate US equity futures and S&P 500"
caption_source: "recovered"
caption_suspect: false
figure_no: 115
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/38-114.png
page: 38
class: "line_chart"
confidence: 0.999
caption: "Figure 117: US equity futures positioning"
caption_source: "recovered"
caption_suspect: false
figure_no: 117
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/38-115.png
page: 38
class: "bar_chart"
confidence: 0.972
caption: "Figure 119: US equity futures positioning by asset managers and leveraged funds"
caption_source: "confirmed"
caption_suspect: false
figure_no: 119
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/39-116.png
page: 39
class: "line_chart"
confidence: 0.971
caption: "Figure 120: S&P 500 futures positioning"
caption_source: "recovered"
caption_suspect: false
figure_no: 120
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/39-117.png
page: 39
class: "line_chart"
confidence: 0.994
caption: "Figure 122: Russell 2000 futures positioning"
caption_source: "confirmed"
caption_suspect: false
figure_no: 122
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/39-118.png
page: 39
class: "line_chart"
confidence: 0.975
caption: "Figure 124: Nasdaq 100 futures positioning"
caption_source: "recovered"
caption_suspect: false
figure_no: 124
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/39-119.png
page: 39
class: "line_chart"
confidence: 0.999
caption: "Figure 121: S&P 500 futures positioning by asset"
caption_source: "recovered"
caption_suspect: false
figure_no: 121
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/39-120.png
page: 39
class: "line_chart"
confidence: 0.999
caption: "Figure 123: Russell 2000 futures positioning by asset managers and leveraged funds"
caption_source: "confirmed"
caption_suspect: false
figure_no: 123
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/39-121.png
page: 39
class: "line_chart"
confidence: 0.999
caption: "Figure 125: Nasdaq 100 futures positioning by asset managers and leveraged funds"
caption_source: "confirmed"
caption_suspect: false
figure_no: 125
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/40-122.png
page: 40
class: "line_chart"
confidence: 0.998
caption: "Figure 126: EM equity futures positioning"
caption_source: "recovered"
caption_suspect: false
figure_no: 126
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/40-123.png
page: 40
class: "line_chart"
confidence: 0.999
caption: "Figure 127: EM equity futures positioning by asset"
caption_source: "recovered"
caption_suspect: false
figure_no: 127
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/41-124.png
page: 41
class: "line_chart"
confidence: 0.994
caption: "Figure 128: Aggregate bond futures positioning in"
caption_source: "recovered"
caption_suspect: false
figure_no: 128
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/41-125.png
page: 41
class: "line_chart"
confidence: 0.999
caption: "Figure 130: Bond futures positioning by maturity"
caption_source: "recovered"
caption_suspect: false
figure_no: 130
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/41-126.png
page: 41
class: "line_chart"
confidence: 0.997
caption: "Figure 132: 30d Fed Fund futures positioning"
caption_source: "confirmed"
caption_suspect: false
figure_no: 132
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/41-127.png
page: 41
class: "line_chart"
confidence: 0.999
caption: "Figure 129: Aggregate bond futures positioning in % of"
caption_source: "recovered"
caption_suspect: false
figure_no: 129
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/41-128.png
page: 41
class: "bar_chart"
confidence: 0.995
caption: "Figure 131: Bond futures positioning by maturity"
caption_source: "recovered"
caption_suspect: false
figure_no: 131
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/41-129.png
page: 41
class: "line_chart"
confidence: 0.995
caption: "Figure 133: 30d Fed Fund futures positioning by asset managers and leveraged funds"
caption_source: "confirmed"
caption_suspect: false
figure_no: 133
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/42-130.png
page: 42
class: "line_chart"
confidence: 0.993
caption: "Figure 134: SOFR futures positioning"
caption_source: "recovered"
caption_suspect: false
figure_no: 134
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/42-131.png
page: 42
class: "line_chart"
confidence: 0.996
caption: "Figure 136: 2y Treasury notes futures positioning"
caption_source: "confirmed"
caption_suspect: false
figure_no: 136
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/42-132.png
page: 42
class: "line_chart"
confidence: 0.997
caption: "Figure 138: 5y Treasury notes futures positioning"
caption_source: "recovered"
caption_suspect: false
figure_no: 138
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/42-133.png
page: 42
class: "line_chart"
confidence: 0.999
caption: "Figure 135: SOFR futures positioning by asset managers"
caption_source: "recovered"
caption_suspect: false
figure_no: 135
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/42-134.png
page: 42
class: "line_chart"
confidence: 1.0
caption: "Figure 137: 2y Treasury notes futures positioning by asset managers and leveraged funds"
caption_source: "confirmed"
caption_suspect: false
figure_no: 137
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/42-135.png
page: 42
class: "line_chart"
confidence: 1.0
caption: "Figure 139: 5y Treasury notes futures positioning by asset managers and leveraged funds"
caption_source: "confirmed"
caption_suspect: false
figure_no: 139
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/43-136.png
page: 43
class: "line_chart"
confidence: 0.998
caption: "Figure 140: 10y Treasury notes futures positioning"
caption_source: "recovered"
caption_suspect: false
figure_no: 140
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/43-137.png
page: 43
class: "line_chart"
confidence: 0.993
caption: "Figure 142: 15-25y Treasury bonds futures positioning"
caption_source: "recovered"
caption_suspect: false
figure_no: 142
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/43-138.png
page: 43
class: "line_chart"
confidence: 0.997
caption: "Figure 144: 25y+ Treasury bonds futures positioning"
caption_source: "recovered"
caption_suspect: false
figure_no: 144
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/43-139.png
page: 43
class: "line_chart"
confidence: 0.999
caption: "Figure 141: 10y Treasury notes futures positioning by"
caption_source: "recovered"
caption_suspect: false
figure_no: 141
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/43-140.png
page: 43
class: "line_chart"
confidence: 1.0
caption: "Figure 143: 15-25y Treasury bonds futures positioning by asset managers and leveraged funds"
caption_source: "confirmed"
caption_suspect: false
figure_no: 143
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/43-141.png
page: 43
class: "line_chart"
confidence: 1.0
caption: "Figure 145: 25y+ Treasury bonds futures positioning by asset managers and leveraged funds"
caption_source: "confirmed"
caption_suspect: false
figure_no: 145
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/44-142.png
page: 44
class: "line_chart"
confidence: 0.994
caption: "Figure 146: US trade-weighted dollar positioning"
caption_source: "recovered"
caption_suspect: false
figure_no: 146
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/44-143.png
page: 44
class: "bar_chart"
confidence: 0.997
caption: "Figure 148: Currency futures positioning"
caption_source: "recovered"
caption_suspect: false
figure_no: 148
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/44-144.png
page: 44
class: "line_chart"
confidence: 0.985
caption: "Figure 150: US trade-weighted dollar positioning"
caption_source: "corrected"
caption_suspect: false
figure_no: 150
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/44-145.png
page: 44
class: "line_chart"
confidence: 0.998
caption: "Figure 147: Major currency futures positioning"
caption_source: "recovered"
caption_suspect: false
figure_no: 147
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/44-146.png
page: 44
class: "bar_chart"
confidence: 0.911
caption: "Figure 149: Currency futures positioning by asset managers and leveraged funds"
caption_source: "confirmed"
caption_suspect: false
figure_no: 149
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/44-147.png
page: 44
class: "line_chart"
confidence: 1.0
caption: "Figure 151: US trade-weighted dollar positioning by asset"
caption_source: "recovered"
caption_suspect: false
figure_no: 151
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/45-148.png
page: 45
class: "line_chart"
confidence: 0.999
caption: "Figure 152: Euro futures positions"
caption_source: "recovered"
caption_suspect: false
figure_no: 152
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/45-149.png
page: 45
class: "line_chart"
confidence: 0.994
caption: "Figure 154: Yen futures positions"
caption_source: "recovered"
caption_suspect: false
figure_no: 154
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/45-150.png
page: 45
class: "line_chart"
confidence: 0.987
caption: "Figure 156: Sterling futures positions"
caption_source: "recovered"
caption_suspect: false
figure_no: 156
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/45-151.png
page: 45
class: "line_chart"
confidence: 1.0
caption: "Figure 153: Euro futures positioning by asset managers"
caption_source: "recovered"
caption_suspect: false
figure_no: 153
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/45-152.png
page: 45
class: "line_chart"
confidence: 0.999
caption: "Figure 155: Yen futures positioning by asset managers and leveraged funds"
caption_source: "confirmed"
caption_suspect: false
figure_no: 155
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/45-153.png
page: 45
class: "line_chart"
confidence: 0.997
caption: "Figure 157: Sterling futures positioning by asset managers and leveraged funds"
caption_source: "confirmed"
caption_suspect: false
figure_no: 157
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/46-154.png
page: 46
class: "line_chart"
confidence: 0.988
caption: "Figure 158: Canadian dollar futures positions"
caption_source: "confirmed"
caption_suspect: false
figure_no: 158
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/46-155.png
page: 46
class: "line_chart"
confidence: 0.993
caption: "Figure 160: Aussie dollar futures positions"
caption_source: "confirmed"
caption_suspect: false
figure_no: 160
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/46-156.png
page: 46
class: "line_chart"
confidence: 0.995
caption: "Figure 162: Swiss franc futures positions"
caption_source: "confirmed"
caption_suspect: false
figure_no: 162
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/46-157.png
page: 46
class: "line_chart"
confidence: 0.998
caption: "Figure 159: Canadian dollar futures positioning by asset"
caption_source: "recovered"
caption_suspect: false
figure_no: 159
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/46-158.png
page: 46
class: "line_chart"
confidence: 0.998
caption: "Figure 161: Aussie dollar futures positioning by asset"
caption_source: "recovered"
caption_suspect: false
figure_no: 161
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/46-159.png
page: 46
class: "line_chart"
confidence: 0.996
caption: "Figure 163: Swiss franc futures positioning by asset"
caption_source: "recovered"
caption_suspect: false
figure_no: 163
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/47-160.png
page: 47
class: "line_chart"
confidence: 0.994
caption: "Figure 164: New Zealand dollar futures positions"
caption_source: "confirmed"
caption_suspect: false
figure_no: 164
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/47-161.png
page: 47
class: "line_chart"
confidence: 0.993
caption: "Figure 166: Mexican peso futures positions"
caption_source: "confirmed"
caption_suspect: false
figure_no: 166
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/47-162.png
page: 47
class: "line_chart"
confidence: 0.992
caption: "Figure 168: Brazilian real futures positions"
caption_source: "confirmed"
caption_suspect: false
figure_no: 168
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/47-163.png
page: 47
class: "line_chart"
confidence: 0.996
caption: "Figure 165: New Zealand dollar futures positioning by"
caption_source: "recovered"
caption_suspect: false
figure_no: 165
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/47-164.png
page: 47
class: "line_chart"
confidence: 0.999
caption: "Figure 167: Mexican peso futures positioning by asset managers and leveraged funds"
caption_source: "confirmed"
caption_suspect: false
figure_no: 167
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/47-165.png
page: 47
class: "line_chart"
confidence: 0.999
caption: "Figure 169: Brazilian real futures positioning by asset managers and leveraged funds"
caption_source: "confirmed"
caption_suspect: false
figure_no: 169
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/48-166.png
page: 48
class: "line_chart"
confidence: 0.996
caption: "Figure 170: Oil futures positioning"
caption_source: "recovered"
caption_suspect: false
figure_no: 170
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/48-167.png
page: 48
class: "line_chart"
confidence: 0.99
caption: "Figure 172: Copper futures positioning"
caption_source: "recovered"
caption_suspect: false
figure_no: 172
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/48-168.png
page: 48
class: "line_chart"
confidence: 0.999
caption: "Figure 174: Energy futures positioning"
caption_source: "recovered"
caption_suspect: false
figure_no: 174
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/48-169.png
page: 48
class: "line_chart"
confidence: 0.998
caption: "Figure 171: Oil futures gross longs and shorts"
caption_source: "recovered"
caption_suspect: false
figure_no: 171
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/48-170.png
page: 48
class: "line_chart"
confidence: 0.981
caption: "Figure 173: Gold futures positioning"
caption_source: "recovered"
caption_suspect: false
figure_no: 173
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/48-171.png
page: 48
class: "line_chart"
confidence: 0.995
caption: "Figure 175: Precious metals futures positioning"
caption_source: "confirmed"
caption_suspect: false
figure_no: 175
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/49-172.png
page: 49
class: "line_chart"
confidence: 0.999
caption: "Figure 176: Industrial metals futures positioning"
caption_source: "recovered"
caption_suspect: false
figure_no: 176
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/49-173.png
page: 49
class: "line_chart"
confidence: 0.998
caption: "Figure 177: Agri commodities futures positioning"
caption_source: "recovered"
caption_suspect: false
figure_no: 177
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/50-174.png
page: 50
class: "line_chart"
confidence: 0.949
caption: "Figure 178: S&P 500 weekly announced buybacks"
caption_source: "confirmed"
caption_suspect: false
figure_no: 178
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/50-175.png
page: 50
class: "line_chart"
confidence: 0.981
caption: "Figure 180: S&P 500 announced and actual buybacks"
caption_source: "confirmed"
caption_suspect: false
figure_no: 180
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/50-176.png
page: 50
class: "bar_chart"
confidence: 0.933
caption: "Figure 179: S&P 500 sectors announced buybacks"
caption_source: "recovered"
caption_suspect: false
figure_no: 179
neighbour_above: null
neighbour_below: null
- key: figures/sha1:0c22aa8975e140119de2/50-177.png
page: 50
class: "line_chart"
confidence: 1.0
caption: "Figure 181: Buyback baskets performance"
caption_source: "recovered"
caption_suspect: false
figure_no: 181
neighbour_above: null
neighbour_below: null
---
page 1
Deutsche Bank Research
Global Asset Allocation Investor Positioning and Flows
The Boom And The Gloom
The equity market has once again been in a tight range, in place for 2 months now, accompanied by notable rotations, echoing the period from November to February (Rotation Continued Amidst The Chop, Jan 2026). This week it fell to near the bottom of the range as positioning slipped to neutral. While the Q2 earnings reporting season so far confirms the boom that began in Q1 is accelerating, it has been overshadowed by the gloom around surging Tech capex, escalating geopolitical risks, climbing oil prices and rising rates. We note:
n Booming Q2 earnings handily beating a very high bar. Two weeks in and about a third of the way through the season, nearly 90% of the companies have beat, with aggregate earnings coming in 10% above consensus. S&P 500 earnings growth for Q2 is on track to hit 34% yoy, well above the high bar of 26% set by consensus and our expectation of 29% (Looking For Growth In The High 20s, Jun 30 2026). While MCG & Tech growth (53%) is massive, that for the rest (23%) is also very strong. And looking ahead, consensus numbers for Q3 and Q4 as well as 2027 have continued to rise, which contrasts with the typical pattern of forward estimates falling through the season.
n Gloom around a host of concerns, however, has seen equity positioning fall to neutral. Discretionary investors (17th percentile) have cut exposure back to early-April lows. Their positioning is well below levels implied by earnings as well as macro growth. Systematic strategy positioning (70th percentile) meanwhile is still relatively elevated and vulnerable if volatility picks up or if equities break out of the range to the downside.
n Rotation out of large-cap Tech about three quarters of the way through as positioning slides from elevated levels. As we noted over the last 2 weeks, large-cap Tech positioning had bounced to elevated levels coming into this earnings season. Even with extremely strong Q2 results, positioning has fallen sharply to nearly neutral (56th percentile) on concerns around runaway capex and the sustainability of off-the-charts growth. It is notable that after reporting results, Tech companies have so far sold off on the day (-1.9pp median) while the rest have on average been flat. The rotation out of MCG & Tech which began on cue in early June (Rotation On Cue, Jun 5 2026) has seen them underperform the rest of the S&P 500 by almost 15pp, about three-fourths of the way down from the top of the long-run relative performance channel (14% annualized, 20% top to bottom).
IMPORTANT RESEARCH DISCLOSURES AND ANALYST CERTIFICATIONS LOCATED IN APPENDIX 1. Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.
24 July 2026 Date Strategy Update
Parag Thatte
Strategist +1-212-250-6605
Binky Chadha
Chief Strategist +1-212-250-4776
Karthik Prabhu
Strategist +1-212-250-1246
Dag Workayehu
Strategist +1-212-250-4771
page 2
n Disruption premium in oil has shot up but is still below March extremes. The renewed escalation in the Middle East has seen oil prices rise about 40% so far. Oil prices are now more than 50% above our estimate of medium-term fair value based on global growth and the US dollar, well beyond the typical band of +/- 30% on either side. At the peak in March, they were 75% above. Similarly, the premium in the front month contract relative to that 6 months out has shot up, as has oil price volatility but both are still below March peaks.
n Rising rates reflect Fed hiking expectations but breakeven inflation rates have not risen meaningfully on the latest flare up in oil prices. Compared to the start of the Iran war in late February, 10y real rates are now more than 70bps higher, and 2y real rates about 170bps higher, as expectations for Fed rates have moved from cuts to hikes. Rates volatility in turn has also risen, which as we have pointed out in the past, is usually a temporary drag on equities (Higher Rates or Higher Vol? Nov 2022). Breakeven inflation rates meanwhile have not yet risen significantly this month despite the ramp up in oil prices, and a catch up remains a risk.
Positioning and flows details on page 13
page 3
Charts of the week
Figure 1:The S&P 500 is once again stuck in a narrow range …
Figure 2:… accompanied by rotations
page 4
*natural log of the ratio
Figure 3:The rotation out of MCG & Tech is about three-fourths of the way through in our reading
Figure 4:Equities have gone sideways despite Q2 delivering a sharp increase in
page 5
Figure 5:Consensus estimates for Q3 (as well as for Q4 and 2027) have
Figure 6:… in contrast to the typical pattern of cuts to forward estimates during
page 6
*Wtd average of Z-scores for positioning indicators, weights based on explanatory power in regression of equity performance on indicators
Figure 7:Aggregate equity positioning has fallen to neutral on the back of sharp cuts in exposure by discretionary investors to their lowest level since early April, while the positioning of systematic strategies remains relatively high
Figure 8:Positioning in large-cap Tech has been cut sharply from elevated levels to near neutral
page 7
Figure 9:Large cap equity positioning is well below levels implied by earnings growth …
Figure 10:… as is positioning in large-cap Tech as investors remain focused instead on surging capex and the sustainability of growth
page 8
Oil price fair value
Figure 11:MCG & Tech companies have notably underperformed on the day of reporting on average, while the others have performed in line
Figure 12:Oil prices have risen sharply this month and are more than 50%
page 9
Figure 13:… well above the +/- 30% seen historically, but below the March
Figure 14:The premium in the front month contract relative to that 6 months
page 10
Figure 15:… as has the volatility in oil prices.
Figure 16:The increase in oil vol is also raising rates vol, which is usually a temporary drag on equities
page 11
Figure 17:10y break even inflation rates have essentially gone sideways but 10y
Figure 18:Breakeven inflation rates have not yet risen significantly despite the
page 12
page 13
Positioning and flows detail
n Our measure of aggregate equity positioning fell from modestly overweight to slightly below neutral this week (-0.05sd, 36th percentile). Discretionary investor positioning declined sharply to notably underweight (-0.52sd, 17th percentile), taking it to its lowest level since early April. Systematic strategies' positioning (0.52sd, 70th percentile) was pared but stayed overweight. Positioning in large caps (0.23sd, 56th percentile) was trimmed to modestly overweight, while positioning in large-cap Tech (0.11sd, 56th percentile) declined sharply from extended levels to near neutral. Meanwhile, positioning in small caps (-0.13sd, 37th percentile) rose this week to slightly underweight.
n Discretionary investor positioning is now well below the tight range in place since Liberation Day.
n The ratio of call to put volume (5d ma) declined this week (36th percentile). Net call volume for single stock and ETF options declined, while that for index options rose modestly. Within singlestock options, volume declined sharply, primarily for MCG & Tech, followed by Financials. S&P 500 options skew (3m, 90%-110%) increased from last week.
n A basket of stocks with the highest net call volume in the prior week modestly outperformed the broader market this week, while a basket of the most-shorted stocks performed largely in line.
n Investor sentiment (bull minus bear spread) reversed to bearish again, the lowest in six weeks (15th percentile). Bullish responses (22nd percentile) tumbled to their lowest in 10 months, while both bearish (86th percentile) and neutral responses (38th percentile) rose.
n Under systematic strategies positioning,
n Vol control funds' equity allocation declined this week but remained elevated (76th percentile). Their sensitivity to market selloffs increased, making them more likely to de risk on downside moves than in recent weeks. While positioning is no longer near its recent extremes, they remain meaningfully invested in equities, with a higher sensitivity to volatility suggesting a less supportive backdrop in market drawdowns.
n CTAs' positioning in equities eased slightly but remained in the upper end of its historical range (66th percentile). Positioning declined across most regions, with Europe (78th percentile) and the US (67th percentile) remaining the largest long positions, while EM (60th percentile) and Japan (39th percentile) lagging. Further increases in equity exposure are likely to be driven more by declines in volatility than by additional strengthening in trend signals. A meaningful drop in equities (>3%) could see CTAs start to cut positions. Across other asset classes, short positioning in bonds remains elevated (US 15th percentile, European 13th percentile), longs in the dollar remain high (87th percentile), and in commodities, positioning in gold remains short (25th percentile), while longs in copper (91st percentile) and oil (71st percentile) remain high.
n Risk parity funds became modestly more constructive this week. Equity allocations increased to slightly above neutral (55th percentile), while bond allocations declined (39th percentile). Equity exposure rose across regions, led by developed markets ex US (62nd percentile) and the US (53rd percentile), while EM
page 14
remained more modest (37th percentile). Allocations to US bonds moved lower (45th percentile), to inflation-linked securities remained elevated (75th percentile), and to commodity exposure stayed near historical highs (96th percentile). Overall, the funds continued to shift toward equities while maintaining meaningful exposure to inflation-linked securities and commodities.
n Across sectors, positioning in large-cap MCG & Tech fell sharply to near neutral. Positioning in MCG & Tech (-0.16sd, 36th percentile) declined this week to modestly underweight, while that in large-cap Tech (0.11sd, 56th percentile) also declined sharply from stretched levels to modestly overweight. Energy (0.40sd, 83rd percentile) rose to overweight. Other cyclical sectors are notably underweight: Financials (-0.67sd, 18th percentile), Consumer Cyclicals (-0.82sd, 11th percentile), Industrial Cyclicals (-1.03sd, 5th percentile), and Materials (-1.27sd, 1st percentile). Among defensives, Utilities (0.16sd, 63rd percentile) stayed modestly overweight, while Real Estate (-0.23sd, 42nd percentile) slipped to modestly underweight. Healthcare (-0.37sd, 34th percentile) is modestly underweight, while Consumer Staples (-0.95sd, 3rd percentile) is very underweight.
n Weekly fund flows to ETFs & mutual funds: Equity funds ($30.4bn) received inflows again largely driven by Asia ($21.3bn), even as the US ($7.2bn) suffered outflows. Inflows to bond funds ($14.9bn) moderated to a three-month low, while money market funds (-$33.9bn) saw outflows.
n Inflows to equity funds ($30.4bn) remained strong but slowed to a three-week low. Inflows were driven largely by Asia ex-Japan ($27.2bn), particularly China ($21.3bn) and Taiwan ($4.8bn), while inflows to Korea ($1.5bn) slowed. Among other EM funds, broadEM ($1.9bn), Latam ($0.4bn), and EMEA (0.1bn) also received inflows. Broad-global funds ($6.8bn) continued to get inflows, but the pace weakened to the lowest in 11 weeks. US (-$7.2bn) and Europe (-$1.6bn) suffered outflows this week after consecutive weeks of inflows. Japan ($1.5bn) continued to receive steady inflows for a seventh straight week.
n Among dedicated sector funds, inflows to Tech ($4.0bn) slowed sharply. Financials ($1.4bn) received inflows for a fourth consecutive week, albeit at a slower pace. Healthcare ($0.8bn) received inflows for a seventh straight week. Energy and Utilities received modest inflows of $0.2bn each. Conversely, Industrials ($0.8bn), Real Estate (-$0.5bn), Telecom (-$0.5bn), Materials ($0.4bn), and Consumer Goods (-$0.3bn) saw outflows.
n Inflows to bond funds ($14.9bn) weakened to a three-month low. Inflows to broad-mandate funds ($5.2bn), Government bonds ($5.7bn), and IG ($1.1bn) slowed further from last week. HY ($0.4bn) and EM ($0.9bn) received modest inflows. Bank Loans ($1.0bn) received steady inflows again, while inflows to Munis ($0.3bn) slowed sharply. TIPS ($0.4bn) and MBS ($0.3bn) received modest inflows.
n Money market funds (-$33.9bn) saw outflows for a second week in a row, albeit at a slower pace than last week's massive outflows. US (-$23.8bn), Europe (-$9.7bn), and Japan (-$0.5bn) saw outflows this week.
page 15
DB S&P 500 Forecasts
Our Recent Publications
n Three Divergences - Jul 17 2026
n Nudging Up To Modestly Overweight Amidst Strong Inflows - Jul 10 2026
n Chart Pack - Jul 2 2026
n Choppy Rotation Continues – Jun 26 2026
n Bouncing Above Neutral - Jun 18 2026
n A Sharp Narrow Unwind - Jun 12 2026
n Rotation On Cue – Jun 5 2026
n Slower Choppier Grind Up - May 29 2026
n Equity Issuance Waves And The Market - May 22 2026
n Tech Comes Full Circle - May 15 2026
n Taking Stock Of The Rally - May 8 2026
Asset Allocation
n Q2 2026 earnings Looking For Growth In The High 20s - Jun 30 2026
n Is The Surge In Capex Crowding Out Buybacks? Jun 23 2026
n What Companies Are Saying: Time To Stop Calling Them Shocks? - May 14 2026
n Q1 2026 Global Earnings - Tech Drives Robust Growth - May 11 2026
n Q1 Earnings Takes - A Sharp Acceleration, Raising Estimates - May 04 2026
n Q1 2026 Earnings: Looking For A Four-Year High In Growth But Modest Beats - Apr 8 2026
n What Companies Are Saying - Addressing AI Benefits And Fears - Feb 24 2026
n Q4 2025 Global Earnings Takes – Tech And Emerging Markets Lead - Feb 13 2026
n Q4 Earnings Takes - A Sustained Broadening In Growth - Feb 09 2026
n Q4 2025 Earnings Early Takes - Jan 30 2026
n Q4 Earnings Preview: Stronger And Broader Again - Jan 06 2026
page 16
Consolidated Equity Positioning
*Weights based on explanatory power in regression of equity performance on indicators
1 Equity positioning indicators include: CTA portfolio weight, Risk-Parity portfolio weight, Vol control allocation, L/S HF beta, active MF beta, AAII Bull-Bear spread, cash equity median shorts , ETF short interest, equity futures positions, net call volume, S&P 500 option skew. More details can be found in Appendix
2 Systematic strategy indicators: CTA portfolio weight, Risk-Parity portfolio weight, Vol control allocation, equity futures positions; Discretionary indicators: Active MF beta, AAII Bull-Bear spread, cash equity median shorts, ETF short interest, equity futures positions, net call volume, S&P 500 option skew
Figure 19:Consolidated equity positioning 1
Figure 20:Discretionary vs systematic strategies divide2
Figure 21:All equity positioning indicators
Figure 22:Systematic strategies positioning vs S&P 500
page 17
perf
Sector Positioning
Data as of Jul 23 2026 MCG is Mega-cap Growth; Financials excludes MA & V which are under MCG; Industrial cyc: Industrials ex pandemic-hit cos; Cons cyc: Cons Disc & Media ex MCG ex Restaurants ex pandemic-hit cos.
Financials group positioning
2.0
1.5
1.0
0.5
0.0
-0.5
-1.0
-1.5
-2.0
-2.5
Figure 23:Discretionary investor positioning vs ISM
Figure 24:Discretionary investor positioning vs S&P 500
Figure 25:Equity positioning across sectors3
Figure 26:Mega-cap growth & Tech positioning
Figure 27:Financials positioning
Figure 28:Energy positioning
page 18
-2.5 -2.0 -1.5 -1.0 -0.5 0.0 0.5 1.0 1.5 2.0 2.5
-2.0 -1.5 -1.0 -0.5 0.0 0.5 1.0 1.5 2.0 2.5
Figure 29:Consumer cyclicals positioning
Figure 30:Industrial cyclicals positioning
Figure 31:Materials positioning
Figure 32:Consumer Staples positioning
Figure 33:Healthcare positioning
Figure 34:Real Estate positioning
page 19
**Z score avgs of Utilities, Real Estate, Healthcare, Telecom, Consumer Staples and Restaurants
*Z score avgs of Industrial Cyclicals, Consumer Cyclicals, Financials, Energy, Materials
**Z score avgs of Utilities, Real Estate, Healthcare, Telecom, Consumer Staples+Restaurants;
Figure 35:Utilities positioning
Figure 36:Small caps positioning
Figure 37:Major sector groups positioning
Figure 38:Cyclical minus defensives positioning
page 20
Volatility-Sensitive Systematic Strategies 4 4
Systematic strategies equity positioning
*Weights based on explanatory power in regression of equity performance on indicators
4 More details can be found in Appendix
Figure 39:Systematic strategies positioning
Figure 40:Vol-Control equity allocations
Figure 41:CTAs exposure to equities
Figure 42:Risk-Parity portfolio weight in equity
page 21
Vol-Control funds allocations5
5 In mid-September 2025, our model was recalibrated to include funds allocation data extending through Q1 2025
6 Vol funds total equity allocation tries to mimic the equity rebalancing behavior of a sample of 25 Vol funds following a constant target volatility strategy.
Figure 43:Vol-Control funds equity allocations6
Figure 44:Vol-Control funds equity allocation and
Figure 45:Vol metrics breakdown
Figure 46:Vol-Control funds sensitivity to a 2% market sell-off
page 22
CTA portfolio weights 7
7 These are model-based portfolio weights, and take into account for each asset class the momentum trend signal, volatility, and cross-asset correlations. The model is designed to follow movements in CTA benchmark indices.
Figure 47:CTAs exposure to equities
Figure 48:CTAs exposure to equity categories (z scores)
Figure 49:CTAs exposure to bonds
Figure 50:CTAs exposure to bond regions (z scores)
page 23
Figure 51:CTAs exposure to the US dollar
Figure 52:CTAs exposure to Currencies (z-scores)
Figure 53:CTAs exposure to Oil
Figure 54:CTAs exposure to major Commodities
page 24
Risk-Parity funds portfolio weights 8 8
Data as of 22-Jul
-
2026
8 These are our model-based portfolio weights calculated to balance the risk contribution across different asset classes (equities, bonds, commodities), using volatility and cross-asset correlations. The model is designed to follow movements in risk-parity benchmark indices
Figure 55:Risk-Parity portfolio weight in equity
Figure 56:Risk-Parity portfolio weight in equity regions (z
Figure 57:Risk-Parity portfolio weight in bonds
Figure 58:Risk-Parity portfolio weight in US inflationlinked bonds
Figure 59:Risk-Parity portfolio weight in Commodities
Figure 60:Risk-Parity portfolio weight in US REITs
page 25
Investor Sentiment
9 Investor sentiment (Bull minus Bear spread) from the AAII Investor Sentiment Survey.
Figure 61:Investor bull minus bear spread 9
Figure 62:Investor bullish sentiment
Figure 63:Investor bearish sentiment
Figure 64:Investor neutral sentiment
page 26
Equity Short Interest
Short interest data as of Jun 30
Figure 65:Median cash shorts taken as % of shares outstanding for the Russell 3000 10
Figure 66:Median cash shorts taken as % of shares
Figure 67:Cash equities short interest as % of market cap 11
Figure 68:Cash equities short interest across indices as % of market cap 12
page 27
Short interest data as of Jun 30
Perf . of the most shorted stocks relative to Russell 3000
Most shorted defined as top 10% on Short interest % of market cap; Sector absolute, equal weighted, monthly rebalance; Latest data for 23-Jul-2026
Figure 69:S&P 500 sectors median cash shorts taken as % of shares outstanding
Figure 70:S&P 500 sectors cash equities short interest as
Figure 71:1-month change in sector-wise short interest
Figure 72:Short interest basket relative performance
page 28
Option Metrics
M
Data as of 23-Jul-2026
13 Call/Put volume ratio (5d ma): 5-day rolling average of the ratio of total call volume to total put volume across single stocks, indices and ETPs.
Figure 73:Source : CBOE, E, Haver Analytics, Deutsche Bank Asset Allocation
Figure 74:Equity call vs put volumes
Figure 75:Source : CBOE, E, Haver Analytics, Deutsche Bank Asset Allocation
Figure 76:Source : CBOE, E, Haver Analytics, Deutsche Bank Asset Allocation
Figure 77:All stocks net call volume across sector groups
Figure 78:S&P 500 stocks net call volume across sector
page 29
* Calls minus puts; Data as of 23-Jul-2026
14 Net Bullish Opened option volumes: Difference between newly opened aggregate bullish contracts (buying a new Call or writing a Put) minus newly opened aggregate bearish contracts (buying a new Put or writing a Call).
Figure 79:Net call volume of stocks outside of the S&P 500 across sector groups
Figure 80:Relative performance of a basket of stocks with
Figure 81:Net bullish opened option volume for all customers 14
Figure 82:Net bullish opened option volume by customer category
page 30
S&P 500 Options: Vol, Skew, Correlation
Latest data for 23-Jul-2026
Equity funds beta to the S&P 500 15
15 Equity mutual funds and L/S Hedge Index (HFRXEH) rolling 1-month and 3-month beta to SPX .
Figure 83:S&P 500 realized and implied volatility
Figure 84:S&P 500 1m realized and implied correlation
Figure 85:3M implied vol and skew
Figure 86:Blended mutual funds beta to the S&P 500
Figure 87:Equity L/S HFs beta to the S&P 500
page 31
Cross-Asset Fund Flows
Figure 88:Summary of fund flows across assets and categories
page 32
Latest data as of 22-Jul-2026
Figure 90:Flows across major asset classes last 4 weeks
Figure 91:Flows across major asset classes in last 12
Figure 92:Cross-asset flows last 4 weeks
Figure 93:Cross-asset flows in last 12 months
page 33
Equity Fund Flows
Figure 95:Regional equity fund flows last 4 weeks
Figure 96:Equity flows across regions
page 34
Latest data as of 22-Jul
-
2026
Latest data as of 22-Jul-2026
-2
-3
Figure 97:Sector fund flows last 4 weeks
Figure 98:Sector fund flows
Figure 99:US equity flows into thematic funds last 4
Figure 100:US equity flows into thematic funds
Figure 101:Weekly flows into cryptocurrency funds
Figure 102:Cumulative flows into cryptocurrency funds
page 35
Bond Fund Flows
Figure 104:Bond fund flows by category last 4 weeks
Figure 105:Bond flows by category
page 36
Latest data as of 22-Jul - 2026
Figure 106:Bond fund flows by maturity last 4 weeks
Figure 107:Bond fund flows by maturity
Figure 108:Credit fund flows to US and Europe last 4 weeks
Figure 109:Credit fund flows to US and Europe
Figure 110:Bond fund flows across regions last 4 weeks
Figure 111:Bond fund flows across regions
page 37
Cross-Asset Futures Positioning
*Non commercial positions in FX and bonds; (Asset managers + Lev funds) in equities; Managed Money in commodities Positioning data as of 21 Jul 2026
Figure 112:Cross-asset futures positioning
Figure 113:Week-over-week changes in futures positioning
page 38
Equity Futures Positioning
*Based on futures positions in S&P 500, Russell 2000, NASDAQ 100, S&P 400 and DJIA Positioning data as of 21 Jul 2026
Positioning data as of 21 Jul 2026
Figure 114:Aggregate US equity futures positioning
Figure 115:Aggregate US equity futures and S&P 500
Figure 116:Aggregate US equity futures and ISM Manufacturing
Figure 117:US equity futures positioning
Figure 118:Current US equity futures positioning
Figure 119:US equity futures positioning by asset managers and leveraged funds
page 39
Figure 120:S&P 500 futures positioning
Figure 121:S&P 500 futures positioning by asset
Figure 122:Russell 2000 futures positioning
Figure 123:Russell 2000 futures positioning by asset managers and leveraged funds
Figure 124:Nasdaq 100 futures positioning
Figure 125:Nasdaq 100 futures positioning by asset managers and leveraged funds
page 40
Figure 126:EM equity futures positioning
Figure 127:EM equity futures positioning by asset
page 41
Bond Futures Positioning
Positioning data as of 21 Jul 2026; 2y futures are multiplied by a factor of 2 to be consistent with other Treasury futures contracts which have face value of $100k; contracts are wtd by effective duration based on 10y equivalents while aggregation
Positioning data as of 21 Jul 2026; contracts are wtd by effective duration based on 10y equivalents while aggregation
Positioning data as of 21 Jul 2026
Figure 128:Aggregate bond futures positioning in
Figure 129:Aggregate bond futures positioning in % of
Figure 130:Bond futures positioning by maturity
Figure 131:Bond futures positioning by maturity
Figure 132:30d Fed Fund futures positioning
Figure 133:30d Fed Fund futures positioning by asset managers and leveraged funds
page 42
3m SOFR futures positions vs SOFR
*2y futures have face value of $200k; contracts are multiplied by a factor of 2 to be consistent with other Treasury futures contracts which have face value of $100k
Figure 134:SOFR futures positioning
Figure 135:SOFR futures positioning by asset managers
Figure 136:2y Treasury notes futures positioning
Figure 137:2y Treasury notes futures positioning by asset managers and leveraged funds
Figure 138:5y Treasury notes futures positioning
Figure 139:5y Treasury notes futures positioning by asset managers and leveraged funds
page 43
10y bond futures vs 10y yield
30y bond futures vs 30y yield
Ultra T -bond futures vs 30y yield
Positioning data as of 21 Jul 2026
Figure 140:10y Treasury notes futures positioning
Figure 141:10y Treasury notes futures positioning by
Figure 142:15-25y Treasury bonds futures positioning
Figure 143:15-25y Treasury bonds futures positioning by asset managers and leveraged funds
Figure 144:25y+ Treasury bonds futures positioning
Figure 145:25y+ Treasury bonds futures positioning by asset managers and leveraged funds
page 44
FX Futures Positioning
Positioning data as of 21 Jul 2026
Trade wtd dollar net long futures positions
Figure 146:US trade-weighted dollar positioning
Figure 147:Major currency futures positioning
Figure 148:Currency futures positioning
Figure 149:Currency futures positioning by asset managers and leveraged funds
Figure 150:US trade-weighted dollar positioning
Figure 151:US trade-weighted dollar positioning by asset
page 45
Positioning data as of 21 Jul 2026
GBP futures positions vs GBPUSD
Figure 152:Euro futures positions
Figure 153:Euro futures positioning by asset managers
Figure 154:Yen futures positions
Figure 155:Yen futures positioning by asset managers and leveraged funds
Figure 156:Sterling futures positions
Figure 157:Sterling futures positioning by asset managers and leveraged funds
page 46
Positioning data as of 21 Jul 2026
Figure 158:Canadian dollar futures positions
Figure 159:Canadian dollar futures positioning by asset
Figure 160:Aussie dollar futures positions
Figure 161:Aussie dollar futures positioning by asset
Figure 162:Swiss franc futures positions
Figure 163:Swiss franc futures positioning by asset
page 47
Positioning data as of 21 Jul 2026
Figure 164:New Zealand dollar futures positions
Figure 165:New Zealand dollar futures positioning by
Figure 166:Mexican peso futures positions
Figure 167:Mexican peso futures positioning by asset managers and leveraged funds
Figure 168:Brazilian real futures positions
Figure 169:Brazilian real futures positioning by asset managers and leveraged funds
page 48
Commodity Futures Positioning
Note: Net positions of combined WTI and Brent crude oil positions Positioning data as of 21 Jul 2026
Figure 170:Oil futures positioning
Figure 171:Oil futures gross longs and shorts
Figure 172:Copper futures positioning
Figure 173:Gold futures positioning
Figure 174:Energy futures positioning
Figure 175:Precious metals futures positioning
page 49
Figure 176:Industrial metals futures positioning
Figure 177:Agri commodities futures positioning
page 50
Buybacks Tracker
Figure 178:S&P 500 weekly announced buybacks
Figure 179:S&P 500 sectors announced buybacks
Figure 180:S&P 500 announced and actual buybacks
Figure 181:Buyback baskets performance
page 51
Appendix
Aggregate Equity Positioning Indicator
n Our measure of aggregate equity positioning is a weighted average of Zscores across several positioning indicators. The indicator weights are based on the explanatory power of each variable in a regression with movements in the S&P 500.
Below is the list of indicators used in the aggregate positioning indicator
n Vol-control funds equity allocation (Systematic). Vol funds total equity allocation tries to mimic the equity rebalancing behavior of a sample of 25 Vol funds following a constant target volatility strategy. More details can be found in the report 'Derivatives Spotlight: Vol Control Products Disentangled: A Driver of Low-to-High Vol Transitions – 24 Aug 2016 '
n CTAs equity weight (Systematic). These are model-based portfolio weights, and take into account for each asset class the momentum trend signal, volatility, and cross asset correlations. The model is designed to follow movements in CTA benchmark indices.
n Risk-parity funds equity portfolio weight (Systematic). These are our model-based portfolio weights calculated to balance the risk contribution across different asset classes (equities, bonds, commodities), using volatility and cross asset correlations. The model is designed to follow movements in risk parity benchmark indices.
n Equity futures (Systematic/Discretionary). Aggregate net long futures (long minus short contracts) for Asset managers and Leveraged funds in the S&P 500, Nasdaq 100, Russell 2000, S&P 400 and DJIA index, taken as a percentage of their open interest. Data from CFTC's Traders in Financial Futures report.
n Call/Put volume ratio (Discretionary). Ratio of total call volume to put volume across single stocks, indices and ETPs. Data from the Chicago Board Options Exchange.
n S&P 500 3m option skew (Discretionary). S&P 500 options skew (90%110% moneyness implied volatility spread, 3-month maturity) from Bloomberg. Indicator is negatively correlated with the S&P 500, and the zscore values are multiplied by -1 before inclusion in the composite.
n Investor Bull minus Bear spread (Discretionary). Investor sentiment (Bull minus Bear spread) from the AAII Investor Sentiment Survey.
n Cash equity median shorts (Discretionary). Median of Russell 3000 universe shorted shares, taken as % of outstanding shares. Indicator is negatively correlated with the S&P 500, and the z-score values are multiplied by -1 before inclusion in the composite.
n ETFs short interest (Discretionary). Aggregate short interest (price*shorted shares) of more than 100 largest equity ETFs in the US, taken as % of overall Russell 3000 market cap. Indicator is negatively correlated with the S&P 500, and the z-score values are multiplied by -1 before inclusion in the composite.
page 52
n Schwab Retail positioning index (Discretionary). Schwab Trading Activity Index (STAX) which gauges the sentiment of retail investors.
n MFs holdings beta (Discretionary). The equity beta of the holdings of a sample of broad active equity mutual funds (excluding cash) taken from their quarterly 13F filings. The beta of the holdings to S&P 500 returns is calculated over a 3 year window
Sectors Equity Positioning
n As an extension of the aggregate equity positioning, the sector positioning measure is also a weighted average of Z-scores across different sector level positioning indicators. The indicator weights are based on the explanatory power of each variable in a regression with movements in the S&P 500 sectors. More details can be found in the report 'Investor Positioning and Flows - Looking Across Sectors, Jul 7 2023 '
Below is the list of indicators used in the aggregate sector positioning measure
n Call/Put volume ratio. Ratio of Call volume to Put volume across single stocks and sector ETFs, and averaged out over the last one month. Data from the OCC.
n Sector fund flows: Fund flows to sector based ETFs and mutual funds, taken as a percentage of AUM, and averaged out for the last 13 weeks. Data from EPFR.
n Cash equity median shorts. A de-trended median of S&P 1500 sector shorted shares, taken as % of outstanding shares. Indicator is negatively correlated with the S&P 500 sector performance, and the z-score values are multiplied by -1 before inclusion in the composite.
n Active MFs excess return correlation. Rolling 3-month correlation of the excess returns of a representative sample of US blended mutual funds with S&P 500 sector excess returns (both relative to the S&P 500).
n Analyst consensus target. Analysts current 12-month target price for the S&P 500 sector, taken as a ratio to its 200d ma. Data from Bloomberg Finance LP.