April 12th 2019 - Vanda Risk Update

If we were asked to single out the biggest pain trade this year, that would inevitably be shorting European equities. Since January, investors have withdrawn US$ 42bn from continental equity funds, taking the 12-month toll to US$ 135bn. Anecdotally, Bank of America's Fund Manager Survey for March highlighted "short EU equities" as the most crowded trade globally.

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