Americas Diversified Financials 2Q26 mutual fund and hedge fund Financials positioning analysis

Equity Research 23 August 2026 | 8:00PM EDT

AMERICAS DIVERSIFIED FINANCIALS

2Q26 mutual fund and hedge fund Financials positioning analysis

We assess Financials sector mutual fund and hedge fund and MA (Exhibit 9). Richard Ramsden | positioning, using 13-F data from the GS equity strategy Positions are at the start of 2Q26, based on 13-F filings as Goldman Sachs & Co. LLC team’s reports (Mutual Fundamentals and Hedge Fund of August 14, 2026. James Yaro Trend Monitor). In 2Q26, mutual funds (MFs) increased | exposure to Financials in aggregate, with the sector 1. Mutual funds ended 2Q26 ~230bps overweight the Goldman Sachs & Co. LLC

seeing the 2nd biggest QoQ increase in 2Q26 of any sector Financials sector, up ~40bps QoQ, and vs. ~110bps Alexander Blostein, CFA | in the S&P 500, and was the most O/W sector across the average overweight since 2012 (Exhibit 2). The current Goldman Sachs & Co. LLC S&P 500. Financials remained an overweight vs. history, tilt to Financials appeared to be at its highest level, over Ryan M. Nash, CFA | with the current tilt being at the highest level over the the past 10 years. Goldman Sachs & Co. LLC past decade (Exhibit 1, Exhibit 2). MFs continued to be Robert Cox o Across subsectors, Insurance, Banks, Capital | most overweight in Insurance, Banks, Capital Markets and markets and Consumer Finance remained the Goldman Sachs & Co. LLC Consumer Finance (based on GICS code) in 2Q26, although Will Nance most overweight Financials subsectors for mutual | reduced their exposure in each of them, while increasing Goldman Sachs & Co. LLC funds, although their exposure decreased QoQ, exposure to Mortgage REITs and Financial Services QoQ, Divyam Harlalka with 13-Fs showing that mutual fund exposure to | but continued to be U/W in those two subsectors (Exhibit 3). Capital Markets and Banks decreased most Goldman Sachs India SPL MS exposure increased most QoQ across all Financials QoQ, down 9bps/7bps (Exhibit 3). Matthew Weng stocks, while WFC continued to be the most overweight | (O/W) Financials stock among MFs (Exhibit 5, Exhibit 6), o In single stocks, mutual funds increased exposure Goldman Sachs & Co. LLC

despite having the largest exposure decline QoQ across the QoQ to MS most among Financials stocks, while Lokesh Kumar Sangewar sector. Among hedge funds, CHYM, LPLA and FNF were the WFC continued to be the most OW stock, despite |

most concentrated longs (Exhibit 13). There are substantial seeing the largest exposure decline QoQ across Goldman Sachs India SPL

Financials. Top large-cap Financials sector Thirukumaran R overlaps of mutual fund and hedge fund O/Ws and longs in V | overweights among mutual funds included WFC,

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.

Goldman Sachs Americas Diversified Financials

SCHW and MRSH, while popular underweights included JPM, AFL and SPG. (Exhibit 5, Exhibit 6). 2. Across hedge funds, popular longs in Financials included V, MA and COF (Exhibit 10). CHYM, LPLA, FNF, WBS and UNM were the most concentrated Financials hedge fund long positions (Exhibit 13). 3. In terms of overlap across mutual and hedge funds, hedge funds and mutual funds were long/overweight V and MA, with no common short/underweight (Exhibit 9).

The data analyze the positioning of 504 large-cap mutual funds with a combined $4.6 trillion in equity assets, and 991 hedge funds with a total of $5.4 trillion of gross equity positions, at the start of 3Q26 based on latest 13-F filings. These data are not a real time snapshot, but offer a valuable directional read on positioning trends.