Barclays notes global equities have made a V‑shaped recovery but investor positioning remains weak, leaving upside potential.
Hedge funds and CTAs are still below pre‑war exposure, while retail ETF inflows are modest and long‑only funds attracted $86 bn in April.
Barclays cites rising money supply, buyback resumption and equity‑biased cross‑asset flows as supportive, but warns rally is narrow and US tech‑semiconductor heavy.
Options data show falling put/call ratios and call‑led activity, indicating a “crash‑up” shift from macro fear to micro chase as support wanes.