INSTITUTIONAL INVESTOR POSITIONING CHECKDOWN 机构投资者仓位排查 HF Gross Leverage remains extremely high driven by continued shorting (hedging) in macro products...squeeze risk at the index level is real. 由于宏观产品持续做空（对冲），对冲基⾦的总杠杆率依然极⾼...指数层⾯的挤 压⻛险确实存在。 | Leverage | Overall Book: Gross | Overall Book: Net | Overall: L/S Ratio | Fundamental L/S: Gross | Fundamental L/S: Net | Fundamental: L/S Ratio | | --- | --- | --- | --- | --- | --- | --- | | Current | 306.6 | 80.7 | 1.71 | 221.9 | 56.0 | 1.68 | | Current 1-Yr %ile ...