"Crowding picking up in large caps, especially in tech"

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1. Yield drivers. "The recent jump in yields has mostly come from real rates, not inflation expectations. In fact, inflation expectations have basically been stuck in a tight ~40bps range ever since this bull market started over three years ago. So really, it's been a real-rate story."

2. Panic Index. After hovering close to 10 in March/April, the Panic Index has dropped down near YTD lows, signaling an unwind of stress, hedging demand, and macro fear.

3. Equity positioning. "Crowding picking up in large caps, especially in tech".

4. Hedge funds vs. Tech. "Info Tech Gross/Net exposures (as % of total US Prime book) both ended the week at/near 5-year highs in the 100th percentile."

5. Sector profit margins. Margins are on track to expand for most sectors in 2026. Looking out further, only two sectors (Real Estate, Communications) are expected to have lower margins in 2027 vs. today.

ICYMI