We aim at updating you on flows and positioning weekly, but there is little value in the positioning numbers since they are outdated. The latest data print from the CFTC is from Tuesday the 7^th of March – days before the Silicon Valley Bank gate. We add our flow indicators to the mix and discuss the positioning outset ahead of the crisis in this piece.

Equities: Tech was clearly the most hated position and still is
– Net positioning in tech was -77% ahead of the SVB case
– Buying of tech was NOT material in ETFs last week*
– Buying of broader SPX exposures were larger late last week in ETF space
– This makes Tech interesting as a relative bet, if rates continue down (as we think now)

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