US equity positioning has fallen to historically low levels: The US consolidated equity positioning is down to its lowest since May 2025, posting a similar decline as during the first months of the 2022 bear market. This covers professional investors like fund managers, hedge funds, and algorithm-based trading strategies. Over the last 15 years, positioning has only been lower 20% of the time. This comes as discretionary investors like hedge funds and mutual funds have only been this underweight 16% of the time. At the same time, systematic funds, such as CTAs and volatility-targeting funds, are at levels only seen 23% of the time over the same period. Investor positioning is so low that any positive catalyst could fuel a sharp market rebound.(The Kobeissi Letter)