Investor Positioning and Flows: Strategy Update

研报英文原文证据摘录

Investor Positioning and Flows: Strategy Update

Deutsche Bank

Research

Global Asset Allocation Date

26 June 2026

Investor Positioning Strategy Update

and Flows

Choppy Rotation Continues

Parag Thatte

Strategist

+1-212-250-6605

At the end of May, we argued that the setup pointed to a slower choppier grind up or

even a pause along with a rotation into sectors and regions that have lagged, as the Binky Chadha

Chief Strategist

demand-supply backdrop for equities remained favorable but large-cap Tech

+1-212-250-4776

positioning was clearly stretched (Slower Choppier Grind Up, May 29 2026). So far

in June, large-cap Tech is down significantly, dragging the S&P 500 down modestly Karthik Prabhu

even as two-thirds of the overall stocks and industries are up, as are small- and mid- Strategist

caps. Mega-cap Growth & Tech performance versus the rest of the S&P 500 has now +1-212-250-1246

dropped from the top of its long-run channel to the middle. Positioning in large-cap Dag Workayehu

Tech (45th percentile) and for large-caps (38th percentile) broadly dropped to neutral Strategist

in early June and has been chopping around there since. Positioning for small caps +1-212-250-4771

has been creeping higher and is modestly overweight (59th percentile). Through

June, the S&P 500 notably rallied overnight but sold off during the cash trading hours,

especially in the middle of the day.

n Our measure of aggregate equity positioning (-0.08sd, 36th percentile)

was trimmed to slightly below neutral. Discretionary investor positioning

(-0.27sd, 29th percentile) slipped to modestly underweight, reaching the

bottom of the tight range it had been in over the last 16 months. Systematic

strategies (0.15sd, 46th percentile) stayed modestly overweight.