波动的头寸，稳健的资金流入

Global 24 October 2025DateStrategy Update Asset AllocationInvestor Positioning and Flows Choppy Positioning, Solid Inflows Parag Thatte Strategist+1-212-250-6605 nDiscretionaryinvestors tiptoe back but remain underweight.Ourmeasure of aggregate equity positioning rose modestly this week but is stillclose to neutral after the sharp cuts last week (0.15sd, 50th percentile).Discretionary investors raised exposure slightly (-0.22sd, 33rd percentile),as fears around bank credit issues eased and with the ongoing Q3 earningsseason on track to deliver a solid pickup in growth to over 13% yoy (Q3 2025Earnings Early Takes, Oct 24 2025). But they remain underweight and ifearnings growth remains as robust, they have plenty of room to raiseexposure. Systematic strategies maintained their positioning, remainingwell above neutral, though not as elevated as two weeks ago (0.61sd, 76thpercentile). Binky ChadhaChief Strategist+1-212-250-4776 Karthik PrabhuStrategist+1-212-250-1246 Ben LipsiusStrategist+1-212-250-9671 nPockets of momentum chasing continued to unwind.Continuing a movethat began late last week, a basket of stocks with the highest net call volumein the previous week significantly underperformed again this week, as dida basket of the most-shorted stocks. This is a good indicator in our view thatthe pockets of momentum chasing were unwound further after the largerally in the previous month (Momentum Driven Buying Meets TradeEscalation, Oct 10 2025). nSolid equity fund inflows again, but mainly into the US.Equity funds($14.2bn) received inflows for a sixth straight week (Inflows Boom, Oct 32025), but at a somewhat slower pace this week. Inflows this week werelargely driven by the US ($13.3bn), with notable inflows to Europe ($2.0bn)as well. However, China, which had seen very strong inflows in the previous5 weeks, saw outflows this week (-$1.8bn). Notably, all dedicated sectorfund groups received inflows this week, a rare occurrence last observedfour years ago. Tech ($3.5bn) and Materials ($1.7bn) funds led the inflowsagain, though not at last week’s record-setting pace. Separately, Goldfunds ($6.4bn) had clocked record weekly inflows just prior to this week’sselloff. Investor Positioning and Flows Positioning and flows detailsUnderdiscretionary investorpositioning, nThe ratio ofcall to put volume(5d ma) fell this week (68th npercentile). The decline in net call volume was driven largely bysingle stock options and to a smaller extent by ETF options, whilethat in index options edged higher. Within single stock options, netcall volume declined across most sector groups, led by MCG &Tech; volumes in the Defensives saw a modest increase. S&P 500options skew declined this week. nA basket of stocks with the highest net call volume in the prior weeksignificantly underperformed the broader market this week, as dida basket of the most-shorted stocks. nInvestor sentiment(bull minus bear spread) rose from last week’ssharp drop but remained net bearish for a second consecutive week(25th percentile). Bullish responses (48th percentile) rose thisweek, while bearish responses (87th percentile) declined. Neutralresponses were largely flat (9th percentile). Undersystematic strategiespositioning,Vol control fundsincreased their equity allocation, after last nweek's deep cuts (64th percentile). Their sensitivity to furthermarket selloffs has declined. nCTAs'overall equity long positioning declined for a fourthconsecutive week (75th percentile), driven by broad-based cutsacross regions. In the US (60th percentile), CTAs trimmed theirpositioning in the S&P 500 (62nd percentile), the Nasdaq 100 (60thpercentile), and the Russell 2000 (53rd percentile). They alsoreduced their positions in Europe (77th percentile), Japan (51stpercentile), and EM (79th percentile). In bonds, overall shortpositioning rose this week (31st percentile), as long positioning inthe US declined (68th percentile), while short positioning in the restof the world got trimmed (10th percentile). In FX, short positioningin the US dollar (29th percentile) fell, while in commodities, shortpositioning in Oil was trimmed (13th percentile). Long positioningin Gold (56th percentile) and Copper (85th percentile) was paredagain. nRisk-parity funds’overall equity allocation fell this week (80thpercentile), primarily driven by cuts in EM (82nd percentile) andnon-US developed markets (69th percentile), even as that in the US(84th percentile) stayed largely flat. Their allocation to bonds (33rdpercentile) and inflation-protected notes (60th percentile) rose,while that to commodities (94th percentile) fell. nAcross sectors, positioning is overweight in Utilities, Energy and MCG &Tech.Specifically, positioning in Utilities (0.50sd, 80th percentile) rose tooverweight, while that in MCG & Tech (0.27sd, 68th percentile) remainedmodestly overweight. Energy (0.37sd, 83rd percentile) is overweight.ConsumerCyclicals(0.15sd,71st percentile)edged up to slightlyoverweight