Positioning Intelligence | Weekly Wrap: Lingering De-Grossing as HFs Remain Cautious in the US, while buying Hyperscalers

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Positioning Intelligence | Weekly Wrap

Lingering De-Grossing as HFs Remain Cautious in the US, while buying

Hyperscalers

August 7th, 2026

Summary: The impacts of last month’s events are still being felt. Whether it’s continued degrossing, elevated turnover, or choppy performance, the SPX hitting new ATHs has not coincided with a

return to the old trends. This likely reflects the extreme starting point as well as lingering uncertainty as

to the path forward.

Key Points:

1. HF performance is +0.8% MTD on a global basis with flat to positive returns across regions.

Equity L/S appear to be doing best (+1.2% and a slightly positive L-S spread). Quant and MultiStrat more mixed and have de-grossed.

2. HF de-grossing in the US continued at a -1.4z pace WoW with EU also at -1.4z and Asia

closer to flat. On a seasonal basis, the US gross flows continue to remain near lows (around 2z). Gross leverage fell this week due to de-grossing flows and improved performance.

3. US TPM change flat on 1wk and still -1z on 4wk basis as level up to 32nd %-tile since 2015.

HFs remained cautious as they sold US stocks and HF net leverage remains close to 12m lows

(though LT averages).

4. Europe saw buying among HFs and positioning has rebounded faster than in the US (aggregate

level back to 46th %-tile). By sector/theme, there still appears to be some caution as Defensives

led the buying among HFs.

5. TMT flows haven’t yet flipped, though Hyperscalers have come back into focus. We’ve seen

long buying in the group recently, which changed net exposure from -1.5z vs. LT history a couple

weeks ago to neutral (0z) today. It’s still below the 2-2.5z high of mid-2025.

POSITIONING INTELLIGENCE

This material (“Material”) is not a product of J.P. Morgan’s Research Departments and should not be viewed as a research report. The Material is provided by J.P. Morgan’s Prime Finance

business for informational purposes only. This note highlights some notable trends observed in positioning within the J.P. Morgan Prime Finance portfolio. This Material includes data and

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