Investor Positioning and Flows: Tech Comes Full Circle

研报英文原文证据摘录

Investor Positioning and Flows: Tech Comes Full Circle

Deutsche Bank

Research

Global Asset Allocation Date

North America 15 May 2026

Investor Positioning Strategy Update

and Flows

Tech Comes Full Circle

Parag Thatte

Strategist

+1-212-250-6605

n As we noted last week, the rally since the end of March brought the S&P 500

back up to the bottom of the trend channel in place for over 3½ years (Taking Binky Chadha

Stock Of The Rally, May 8 2026).. It has been bouncing along the bottom Chief Strategist

since. While overall equity positioning is not elevated (69th percentile), it is +1-212-250-4776

considerably higher in large caps (91st percentile) and especially in large- Karthik Prabhu

cap Tech (95th percentile). Strategist

+1-212-250-1246 n The rally occurred during an off-the-charts earnings season that saw S&P

500 earnings growth (25%) surge to arguably its strongest in over 2 decades Dag Workayehu

while growth for MCG & Tech is even stronger (43%). Positioning Strategist

meanwhile is not nearly that high. But, while this might suggest that +1-212-250-4771

positioning has room to go much higher, we would caution that a part of the

stronger growth has come from surging prices in the face of supply

squeezes and the rate of these price increases is unlikely to be sustained, as

we wrote in our Q1 earnings takes (A Sharp Acceleration, Raising

Estimates, May 04 2026).

n There is a lot of concern around the narrowness of the rally concentrated in

MCG & Tech. We would note that the narrow rally has reflected a reversal

of the prior narrow selloff. From late October to the end of March, MCG &

Tech sold off -17% while the rest of the S&P 500 was in fact up modestly over

this period. Most of the rally since then has been a catch back up. But MCG

& Tech has come full circle.