



- Biggest inflow to cash ($112.3bn) since Apr’20;
- Biggest inflow Treasuries ($6.50bps) since Oct’22;
- Biggest inflow to IG bonds ($3.6bn) in 5 months;
- Inflows to IG/HY bonds ($5.8bn) past 8 weeks reversing $261bn outflow in ’22;
- Inflow to EM debt ($2bn) in Dec was first monthly inflow since Aug’21 (small outflow this week);
Outflows from stocks ($32.6bn) past 8 weeks reversing $175bn inflow of ‘22 (contrast with credit);
Same story in tech (currently longest outflow streak since June’21 );
But most notably perhaps, there was a “teeny-tiny” $45MM outflow from European equities, the smallest in 47 weeks:
inflows to Japan equities ($3.5bn) past 5 weeks, longest streak since Jul’21;




- Long 30-year US Treasury
- Long Yield curve steepeners
- Short US$, long EM assets
- Long China stocks
- Long gold & copper
- Barbell credit
- Long industrials & small cap stocks
- Short US tech
- Short US private equity
- Long EU banks, short Canada/Aussie/NZ/Sweden bank