Investor Allocations: Risk-on rotation accelerates: US leads, Europe funds the shift

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Investor Allocations: Risk-on rotation accelerates: US leads, Europe funds the shift

Investor Allocations Equity Strategy Global

Risk-on rotation accelerates: US leads, Europe funds the shift

◆ Global risk appetite remains firm; the US main beneficiary of rising flows and allocation shifts

Amit Shrivastava*

◆ Funds cut UK exposure amid rising macro headwinds; positive sell-side outlook could limit the downside Director,Strategy Sustainability; European Equity

HSBC Bank Middle East Limited, DIFC

◆ European positioning turns more cyclical; Financials strengthening, Healthcare a potential anti-consensus play amit1.shrivastava@hsbc.com

+971 450 93349

Risk-on momentum persists; funds rotate into US Also, the UK market’s high overseas revenue exposure could benefit from a Duncan Toms*, CFA

Multi-Asset Strategist

Despite AI jitters, investors’ overall risk-on sentiment from the last month stronger dollar, potentially offering some hedge against domestic headwinds. HSBC Bank plc

(Investor Allocations, 2 June 2026) seemed to have continued in recent Europe: cyclical buying; we like Financials; Healthcare is under-owned duncan.toms@hsbc.com +44 20 7991 3025

weeks. Amid an easing geopolitical backdrop and subsequent easing of In Europe, funds are raising their exposure to cyclicals relative to defensives

Sumit Charde*

global energy prices, the weekly global equity fund flows jumped to their from low levels – a shift consistent with the broader risk-on positioning among Associate

highest level since Mar-2021 (chart 1). Regionally, funds have favoured US buy-side investors and an improving sell-side outlook towards cyclical sectors Bangalore

equities. With the Dollar index up 5% from its February 2026 lows, US fund (chart 5).