More signs of levered US exceptionalism positioning

研报英文原文证据摘录

More signs of levered US exceptionalism positioning

Portfolio Strategy Research

29 June 2026 | 10:44AM BST

GOAL POSITIONING

n Our sentiment and positioning indicator remains 2). Christian

Mueller-Glissmann, CFA around the 58th-ile. Our Risk Appetite Indicator has n Investors are increasingly deploying leverage to +44(20)7774-1714 | christian.mueller- glissmann@gs.com

moderated from the extremes, and while asset Goldman Sachs International participate in the equity rally. Net margin borrowing

managers’ positioning remains elevated, hedge fund Alessandro Giglio rose to roughly $1.4tn, equivalent to c.1.8% of US +44(20)7051-6240 |

leverage has eased, with gross leverage declining by alessandro.giglio@gs.com market cap (Exhibit 3). Outside the US, margin Goldman Sachs International

c.6pp since June (Exhibit 61). Some technical headwinds purchases of Japanese equities have also climbed Andrea Ferrario

have emerged, as volatility rebounded from June lows +44(20)7552-4353 | above $30bn, the highest level since the GFC. On the andrea.ferrario@gs.com

(VIX approaching 20), spot-vol correlation turned less Goldman Sachs International flip side, assets in inverse Nasdaq ETFs (SQQQ) have

positive (Exhibit 55) and call-put volumes and ratios Giovanni Ferrannini fallen sharply YTD and covered-call strategies (QDTE) +44(20)7051-2589 |

turned less bullish (Exhibit 54). Single-stock skew also giovanni.ferrannini@gs.com have lost momentum after attracting strong inflows Goldman Sachs International

increased very modestly vs. index skew, widening from earlier in the year (Exhibit 4). Flows into defensive Elena Porfidia

the compression observed through early June (Exhibit +44(20)7051-5240 | expressions such as low-volatility funds also remain elena.porfidia@gs.com

53).