18 Apr 2019
European equities remain the most under-owned market globally despite this year's rally. Our favorite way to measure investor positioning in continental equities is by adding flows into Equity MFs and ETFs over a 6-month rolling window (best contrarian signal). The latest observation falls beyond the boundaries of what we consider an extreme level of underownership, those that exceed +/- 1.15 standard deviations from historical averages.
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