德意志银行投资者定位和流量震荡定位，稳健投资-118480396

24 October 2025DateStrategy Update Choppy Positioning, Solid Inflows Parag ThatteStrategist 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 if Binky ChadhaChief Strategist Karthik PrabhuStrategist Ben LipsiusStrategist 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 that 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 observed Positioning and flows details nUnderdiscretionary investorpositioning, nThe ratio ofcall to put volume(5d ma) fell this week (68thpercentile). 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 & 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 this nUndersystematic strategiespositioning, nVol control fundsincreased their equity allocation, after lastweek's deep cuts (64th percentile). Their sensitivity to further 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 in 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, 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,while Consumer Staples(-0.02sd,48th percentile)andFinancials (-0.03sd, 47th percentile) are near neutral. Meanwhile, Materials(-0.15sd, 51st percentile) and Real Estate (-0.24sd, 41st percentile) fell to received inflows for a sixth straight week, largely driven by the US($13.3bn). Across sectors, Tech ($3.5bn) and Materials ($1.7bn) led theinflows. Bond inflows ($17.2bn) picked up, while Gold funds ($6.4bn) nEquityfunds ($14.2bn) received inflows for a sixth straight week,but at a slightly slower pace than in recent weeks. Inflows this weekwere largely driven by the US ($13.3bn), while Europe ($2.0bn) alsoreceived notable inflows. Japan (-$0.2bn) saw modest outflows,while flows to broad-global funds were muted. EM (-$1.5bn) All dedicatedsector funds received inflows this week. Tech($3.5bn) and Materials ($1.7bn) received strong inflows again,albeit smaller than last week’s record-setting pace. Energy andIndustrials received inflows of $0.8bn each. Utilities ($0.5bn),Financials($0.4bn)and Consumer Goods($0.3bn)receivedmodestinflows,while Healthcare,Real Estate,and Telecom nInflows tobondfunds ($17.2bn) picked up after last week’s lull.Inflowsto broad-mandate funds($10.2bn)and Govt bonds($3.6bn) accelerated from last week. Inflows to IG ($3.8bn) alsopicked up, but HY (-$2.8bn) experienced outflows for a secondconsecutive week. Inflows to EM bonds ($0.8bn