Active manager exposure to US equities is sinking

DC Lite #555

Author

Daily Chartbook
March 12, 2026

Welcome back to DC Lite: Daily Chartbook’s free, entry-level newsletter containing 5 of the day’s best charts & insights.

1. Global PMI. "The macro reacceleration theme remains intact ... global PMIs continued to strengthen in February, with the share of global manufacturing PMIs in expansion territory now at 85%, and the global composite PMI is at its strongest in almost two years."

2. Fed funds futures. "The number of rate cuts priced in for 2026 fell below one."

3. Oil vs. Hormuz. "Strait of Hormuz being closed for 3 months would get Brent crude oil up to $164/barrel".

4. NAAIM Exposure Index. Active manager exposure to US equities is sinking: NAAIM Exposure Index now at the lowest since Apr'25.

5. Skew. "The cost of protection is near the most expensive levels in history."

ICYMI

"Last week was the first week of net outflows from equity ETFs since roughly April 2025"

DC Lite #554 | CPI vs. PCE divergence, fertilizer stocks rally, tech and industial corporate spreads, equity ETF flows, Schwab Trading Activity Index, STAX

www.dailychartbook.com/p/last-week-was-the-first-week-of-net-outflows-from-equity-etfs-since-roughly-april-2025-c1d7

"Historically, when vol reacts like this it has marked a tactical bottom in the S&P"

DC Lite #553 | February CPI estimates, oil vs. gas prices, Investment Manager Index, institutional risk appetite, weekly ETF flows, volatility capitulation

www.dailychartbook.com/p/historically-when-vol-reacts-like-this-it-has-marked-a-tactical-bottom-in-the-s-p-55e3

"The systematic community has yet to meaningfully de-risk"

DC Lite #552 | Job separation expectations, crude oil reversals, US Strategic Petroleum Reserves, systematic equity positioning, VIX reversals

www.dailychartbook.com/p/the-systematic-community-has-yet-to-meaningfully-de-risk-7b18

"No silver lining to this jobs report"

DC Lite #551 | Big NFP miss, unemployment duration is rising, oil shock to hit refined products, gold, copper, energy, agriculture, VIX spikes to YTD high

www.dailychartbook.com/p/no-silver-lining-to-this-jobs-report-87ad

Wednesday’s outflow from $GLD was the largest since 2016

Alternative labor market data, occupation AI exposure, gold ETF outflows, bitcoin ETF flows, single-stock vs. index realized volatility | DC Lite

www.dailychartbook.com/p/wednesday-s-outflow-from-gld-was-the-largest-since-2016-d92f

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