Hello everyone, and welcome back to our bi-weekly positioning overview.

It’s pretty clear by now that tariffs are more of a growth concern than an inflation concern, which is why bond yields rise when tariffs are officially pushed back a bit by the Trump administration. This is an interesting shift compared to just a couple of weeks ago, when tariffs were predominantly USD and US bond yield positive.

It should be no secret to anyone that US equity sentiment is decidedly sour at the moment, and Trump is surely delivering a lot of changes during the early innings of his presidency—US growth and equities are both trending down, among other things.

The early price action in US equities during Asian/European hours is quite telling for the current environment, and it has been difficult to find many buyers over the past couple of days, while RoW equities have actually held up all right.

Let’s run through our positioning data and highlight the most important trends in hedge fund/active manager positioning—asset class by asset class.