UBS: Top 10 crowded trades

In this weekly publication, we highlight the stocks that are most overweight and underweight by global active fund managers across different regions and countries, including US, Europe, Japan and Australia, global emerging markets, and Asia ex-Japan region and the ten major markets in the region.

Stocks that are most over/under-weight by global active managers

In this weekly publication, we highlight the stocks that are most overweight and underweight by global active fund managers across different regions and countries, including global (Figure 1), major developed markets such as US, Europe, Japan and Australia (Figure 2), global emerging markets (Figure 3), and Asia ex-Japan region and the ten major markets in the region (Figure 4).

How do we measure the active positions?

Using the institutional ownership data provided by FactSet, we form an active trading portfolio by aggregating positions across global active managers. Essentially, we sum up all the holdings in dollar value across all the active managers and calculate theweights of stocks in this active trading portfolio. We then compare this weight with the relevant equity index benchmark to form the active weight. For more detail, please refer to the Q-Series report, What crowded positions are bubbling up in equitymarkets?, in which the measure was first introduced.

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