The Brains Trust - 2023, page-2158

My mistake -200 means leveraged short but doesn't specify the level.

The actual number reported is an average of those surveyed. My table shows the range of responses.

So the latest (27/12/23) shows- of those surveyed the average position is long fully invested with some level of leverage to get above 100 ( 102.71)

The most bearish position is fully hedged ( 0 ) and the most bullish position is leveraged long ( 200 ).

For a number of weeks the most bearish of those surveyed were leveraged short.

That is at least how I read it. Anyone feel free to disagree. Hopefully I am looking at the same thing PB !

NAAIM member firms who are active money managers are asked each week to provide a number which represents their overall equity exposure at the market close on a specific day of the week, currently Wednesdays. Responses can vary widely as indicated below. Responses are tallied and averaged to provide the average long (or short) position of all NAAIM managers, as a group.

Range of Responses:
200% Leveraged Short
100% Fully Short
0% (100% Cash or Hedged to Market Neutral)
100% Fully Invested
200% Leveraged Long


https://www.naaim.org/programs/naaim-exposure-index/