Risk appetite and willingness to sell

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Every week we ask our investors about their portfolio positioning. We are interested in whether investors have a higher or lower than usual exposure in their portfolios. We aggregate the data in the sentix portfolio risk level indicators.

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sentix Survey results (18-2021)

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No supportive market low reached yet

Sentiment in equities has deteriorated over the course of the week. The chart of the week shows the link between sentiment and the volatility structure in equities. This might give the impression that sentiment could already be negative enough for equities to rise. But this is not the case, in our opinion. Rather, there is still a lack of a sufficiently large number of bears for a supporting market low.

Further results:

  • Bonds: Basic confidence turns down again
  • Commodities: Positive focus continues

Click here for the full report (requires a sentix registration)

sentix Survey results (17-2021)

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New 26-week lows in the bias

The high long positioning in the euro/US dollar is still weighing on the exchange rate despite the reduction. The recent recovery of the European currency has not led to a lasting change in the bias. A strengthening of the US dollar should be the logical consequence. In addition, investors' basic strategic conviction about equities has also deteriorated further. The willingness to take profits is clearly increasing.

Further results:

  • Bonds: Price weakness indicated for BTPs
  • Gold: It looks quite good
  • sentix investor positioning in equities and bonds

Click here for the full report (requires a sentix registration)

sentix Survey results (16-2021)

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Basic confidence in equities continues to fall

The fundamental situation based on sentiment analysis has not changed. In equities, we observe a further reduction in basic strategic confidence. The price level reached is increasingly perceived as expensive. In view of the fact that the portfolios are still offensively oriented, however, this will foreseeably become a burden. With bonds, but even more so with precious metals, alternative markets are available for shareholders willing to sell.

Further results:

  • Bonds: Propensity to buy back
  • Gold: Precious metals score again
  • sentix styles - Investor preferences & behavior

Click here for the full report (requires a sentix registration)

sentix Survey results (15-2021)

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Sentiment cooling & new cycle low in bias

Equity sentiment has cooled considerably within a week. However, the further decline in the strategic bias is problematic. Particularly in the Chinese equity markets, there is no inclination to buy back. Stronger sentiment adjustments are also occurring on the sector side. The trend in precious metals is positive, as the bias continues to rise. This is in line with adjusted positioning. Rising gold prices should be possible.

Further results:

  • Equities: Still overconfidence in the eurozone
  • Gold: Precious metals score
  • sentix Sector sentiment

Click here for the full report (requires a sentix registration)

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