Quantitative Global Macro Strategy: Where are all the allocators‘ blocks? Still Risk-On, but With Cracks

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Quantitative Global Macro Strategy: Where are all the allocators‘ blocks? Still Risk-On, but With Cracks

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24 Jun 2026 14:06:56 ET │ 11 pages

Quantitative Global Macro Strategy

Where are all the allocators’ blocks? Still Risk-On, but With Cracks

CITI'S TAKE

Alex Saunders AC

Asset allocators remain pro-risk with a cautious optimism, reducing +1-212-723-1058

positions across equities, rates, and credit. They note sticky inflation and alexander.saunders@citi.com

the broader consequences of geopolitical events as potential concerns but

remain constructive on AI-driven growth. However, we see an increased Dirk Willer AC

discussion of AI valuations following strong performance. Consequently, +1-212-723-1016

managers reduce exposure in the AI-heavy EM and US overweights but dirk.willer@citi.com

remain long. European equities overweight remains popular. In rates,

managers reduce rates longs upon sticky inflation worries but the UST Alice Zheng AC

underweight sees a large trim; Gilts remain a consensus long despite +1-212-816-0382

political upheaval. Credit allocations also see negative moves with US IG a alice.zheng@citi.com

popular underweight. Commodities see large changes; interestingly, energy

is gaining popularity despite oil price weakness, as is base metals, while Adam Pickett AC

gold loses some popularity-shine. In FX, we finally saw significant +44-20-7500-5777

reductions in USD short and JPY long while EMFX remains a consensus adam.pickett@citi.com

overweight. The cash underweight was maintained.

Giammarco Miani AC

+44-20-7986-6316Increasingly cautious pro-risk sentiment — While remaining risk-on and

constructive on AI-driven growth, managers slightly trimmed the popular EM and giammarco.miani@citi.com

ACUS positions upon growing valuation concerns.