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Positioning Watch – Reflation bets are back in

As the cyclical survey-based comeback seems to be priced in fully by markets, new fan-favorites have emerged: inflation hedges.
2024-04-09
<a href="https://stenoresearch.com/author/oskarvardal-4851/" target="_self">Oskar Vårdal</a>

Oskar Vårdal

0

Hello everyone, and welcome back to our weekly positioning/sentiment overview.

The mood on equity markets is still good, with major indices stabilizing at levels far above all time highs despite taking some time to swallow hawkish comments from Fed officials. Markets seemingly don’t care about the repricing of Fed rates until they hear it from Powell’s mouth.

Energy is still the popular bet together with consumer discretionary on a weekly basis, while consumer staples and health care keeps experiencing outflows. It looks like markets are mostly done with the survey-based cyclical rebound, but defensives are still a no-go in the search for returns, with markets continuing to pile into consumer discretionary, tech and communication services.

Chart 1: Weekly fund flows by sector

As the cyclical survey-based comeback seems to be priced in fully by markets, new fan-favorites have emerged: inflation hedges.

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