Sovereign wealth funds and pension allocation. The largest pools of capital shift slowly but permanently; a 1% allocation change is hundreds of billions.
What to watch: Allocation changes; funding ratios. It arrives quarterly, and the effect typically lasts years.
It sits in tier 3 — Flows and mechanics: Moves prices without changing anything fundamental, on horizons from hours to weeks. Who is forced to buy or sell, and when. Ignore this tier and market moves will regularly look inexplicable.
Its neighbourhood
Everything this entry connects to directly. Click any point to follow it.
Trends tracked by this
Also in Positioning, sentiment, and fund flows
- Implied volatility (VIX)
- Put/call ratio
- Retail investor sentiment (AAII)
- Fund manager survey (BofA)
- Active manager exposure (NAAIM)
- Fear and greed composites
- Fund flows
- Margin debt
- Short interest
- CTA and trend-following positioning
- Volatility-control and risk-parity funds
- Dealer gamma positioning
- Foreign investor flows
- Retail trading activity
- Crypto markets
- ESG and thematic fund flows
- Pension funding status
- Retail options and leveraged ETF flows
- Market breadth
- Factor and style rotation