Why So Serious?

2nd largest supply week

Hedge funds just had their second-largest week of global equity selling in the past year. And beneath that headline, the positioning data is increasingly telling the same story: hedge fund investors are getting cautious.

Morgan Stanley: "This was the 2nd largest week of supply in the last 12M. The more notable development was the renewed selling across several themes that drove the June and July unwind, including AI Tech Beneficiaries, Global Memory, and Semi Caps, alongside Large Cap Banks and Metals & Miners."