By Seeking Delta of http://seekingdelta.wordpress.com
The Odey Special Situations Fund was down 0.27% for April, compared to its benchmark, the MSCI World USD Index, which was up 4.65%. For the first four months of the year, the fund is up 8.4%, while its benchmark returned 9.8%. Q1 2021 hedge fund letters, conferences and more The Odey Special Situations Fund is Read More
This week, active managers have, on average, a 62% allocation to equities. This is down from 67% last week. The median allocation fell to 82% while the top quartile of active managers have an allocation of 100% or greater to equities with the bottom quartile at a 50% or less equity exposure. The eight week moving average is now at 67%.
The NAAIM number measures current equity exposure (0% would be all cash, 100% fully invested). Additional detail can be found here.
Individual investor’s sentiment has now increased for three consecutive weeks. Bearish sentiment also increased slightly to 26% from last week’s reading of 25% which means the large increase in bullish sentiment came from a decrease in neutral sentiment. The Bull-Bear spread is at 24% and the eight week moving average is at 49%.
Individual investor sentiment is now just below the “extreme” territory; measured as one standard deviation above average.