16th April 2019 - Vanda Positioning Update: Equity Dry Powder, Bund Risks And EM Bonds

As systematic funds max out their equity exposure in the next 3 weeks (VTs are expected to add another 100bn while CTAs are close to being fully allocated), the sustainability of the rally rests on the shoulders of fundamental investors. If history was any guide, Long-Short hedge funds and retail investors should have succumbed to FOMO already, but fears of an impending recession have inflicted a cautious stance on both.

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