Investor Positioning and Flows: Chart Pack

Research evidence excerpt

Investor Positioning and Flows: Chart Pack

Deutsche Bank

Research

Global Asset Allocation Date

2 July 2026

Investor Positioning Strategy Update

and Flows

Chart Pack

Parag Thatte

Strategist

+1-212-250-6605

n Our measure of aggregate equity positioning remained near neutral this

week (0.03sd, 41st percentile). Systematic strategies’ positioning (0.36sd, Binky Chadha

60th percentile) rose and remained modestly overweight, while Chief Strategist

discretionary investor positioning (-0.26sd, 29th percentile) declined and +1-212-250-4776

stayed moderately underweight. Positioning in large caps (0.23sd, 57th Karthik Prabhu

percentile), as well as in large-cap Tech (0.23sd, 65th percentile), rose from Strategist

neutral to moderately overweight, while in small caps (0.31sd, 66th +1-212-250-1246

percentile) edged up and remained moderately overweight.

Dag Workayehu

n Under discretionary investor positioning, Strategist

n The ratio of call to put volume (5d ma) declined modestly this week +1-212-250-4771

(34th percentile). Net call volume for single-stock options fell, while

those for index and ETF options rose slightly. Within single-stock

options, volumes rose in MCG & Tech, while other sectors saw

minimal changes. S&P 500 options skew (3m, 90%-110%)

declined.

n A basket of stocks with the highest net call volume in the prior

week outperformed the broader market this week, as did a basket

of the most shorted stocks.

n Investor sentiment (bull minus bear spread) fell sharply into

bearish territory again (18th percentile). Bullish responses declined

(29th percentile), while bearish (86th percentile) and neutral

responses (29th percentile) increased this week.

n Under systematic strategies’ positioning,

n Vol control funds’ equity allocations increased further this week