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Add to Home Screen1. In the US, HFs have now been reducing gross for ~2 straight weeks
2. most of the reductions on the long and short side since last Friday coming from Equity L/S and Stat Arb / Quant funds.
3. Even with the recent de-grossing Nets globally remain very elevated – US 59% (95th%tile TTM, 93rd%tile since 2010), EU 52% (100th%tile TTM, 97th%tile since 2010) and Asia 67% (95th%tile TTM, 98th%tile since 2010).
4. Gross leverage for the respective regions are – US 199% (98th%tile TTM, 100th%tile since 2010), EU 195% (45th%tile TTM, 71%tile since 2010) and Asia 142% (59th%tile TTM, 80th%tile since 2010).
Morgan Stanley Prime Brokerage
