德意志银行：投资者持仓情况和资金流向-目前略为低配

Investment Rating - The report indicates a slight underweight positioning in equities for the first time since August 2023, suggesting a cautious outlook on the equity market [1][3]. Core Insights - Equity positioning has declined and is now slightly below neutral, with a Z-score of -0.06, placing it in the 38th percentile since 2010 [11][22]. - Implied volatility has increased but remains at average levels, with the volatility premium relative to realized volatility also being average [11]. - There has been a significant inflow into European equity funds, reaching levels not seen since 2015, indicating strong investor interest in this region [1][14]. Summary by Sections Investor Positioning - Aggregate equity positioning has fallen further, with discretionary investor positioning at the 49th percentile and systematic strategies at the 38th percentile [11][24]. - Total net call volume has increased modestly, driven by index net call volume, while single stock options have seen a decline [11][12]. - Investor sentiment remains low, with the bull-bear spread at the 1st percentile, indicating a predominantly bearish outlook among investors [11][12]. Fund Flows - Equity funds attracted inflows of $22.9 billion, with notable inflows into European equities ($4.1 billion) and Japan ($3.0 billion) [14]. - Bond inflows slowed to$12.0 billion, with government bonds experiencing outflows of $1.2 billion [14]. - Money market funds saw robust inflows of$53.1 billion, primarily from the US [14]. Sector Positioning - Positioning across sectors has declined, with Mega-cap Growth and Technology remaining above average but below recent peaks [11][13]. - Consumer Staples and Utilities are slightly above average, while Energy and Materials are well below average [13][42]. - Financials and Consumer Cyclicals are just above average, while Healthcare and Industrial Cyclicals are notably below average [13][42]. Volatility and Systematic Strategies - Volatility control funds have reduced their equity exposure, with current holdings at the 32nd percentile [11][68]. - CTAs have continued to cut their aggregate equity longs, particularly in the US, while maintaining elevated positions in Europe [11][12].