Equity Strategy - Who Owns What: US dominates, broadening holds

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Equity Strategy - Who Owns What: US dominates, broadening holds

Equity Research

Equity Strategy

1 July 2026

Equity Strategy - Who Owns What

US dominates, broadening holds SIGNATURE

HF/CTA unwind was met by record LO inflows, so overall

positioning still near highs. As Fed angst adds to

weak seasonals, earnings key to backstop equities. US European Equity Strategy

exceptionalism dominates flows, with strong bid for dollar Emmanuel+44 (0)20 3134Cau,0475CFA

emmanuel.cau@barclays.com& Tech. But AI wobbles, USD crowding and oil

drop revive broadening into Europe. Barclays, UK

Magesh Kumar Chandrasekaran, CFA

+44 (0)20 3134 5983

magesh.kumarchandrasekaran@barclays.com

 Listen Barclays, UK

Emmanuel Makonga

+44 (0)20 7773 2593

Please register here to join our conference call on the flows and positioning update on Wed 01st

emmanuel.makonga@barclays.com

Jul. Barclays, UK

HF/CTA unwind reduces froth, but record LO inflows keep overall positioning near Arihanth Bohra Jain

highs. HFs and CTAs de-grossed equity exposure from the highs in June. In contrast, equity +91 (0)22 6175 1406

inflows from long only funds were at all-time high of ~$180bn and retail participation picked up arihanth.bohrajain@barclays.com

Barclays, UK

too. So, while froth has reduced, aggregate equity positioning has only moderated a touch and

remains near the highs, as FOMO still very much prevails.

Fed uncertainty and poor seasonality mean earnings key for equities to manage. Equities

led cross-asset flows in June, while cash and bonds lagged. Fed hawkishness under new chair

Warsh has pushed up real rates and dollar positioning, resulting in tighter financial conditions. A

lot seems priced in now, though, while falling oil has reduced demand for inflation protection