GS Saboureault Positioning Mondays Week 36 7 Sep 2026

GS Saboureault - Positioning Mondays Week 36 7 Sep 2026 Pierre Saboureault · Goldman Sachs · Vice President, FICC & Equities Mon 7 Sep 2026, 11:22am ET

What stands out: 1) US Fundamental HFs' Net Leverage remains very low, in the 4% percentile over 1 year / 6% percentile over 3 years. 2) Still no sign of re-risking from Long Onlys, S&P Futures positioning edging slightly lower. 3) As previewed last week, the 'non-fundamental bid' is losing steam: Inflows into EQ Mutual Funds reduced to a trickle, CTAs turned marginal sellers, and Corporates are between peak summer lull and the reopening of their blackout window (Sep 15). 4) Sentiment skews small pessimistic in aggregate, seemingly everyone is quoting poor September seasonals... which could offer contrarian support.

Global: Gross leverage at 304% down 1.9ppts WoW, driven by negative trading activity partially offset by positive MTM, now in the 49th 1-yr percentile and 90th 5-yr percentile. Net leverage at 76.4% down 0.5ppts WoW, driven by negative MTM and negative trading activity, now in the 19th 1-yr percentile and 59th 5-yr percentile.

US: US L/S Gross leverage rose +1.5 pts to 208.5% (27th percentile one-year), while US L/S Net leverage increased +0.9 pts to 48.4% (4th percentile one-year). US Fundamental long/short ratio (MV) increased +0.5% to 1.605 (4th percentile one-year). US equities were slightly net bought on the week (+0.2 SDs 1- year), driven by long buys in Single Stocks partially offset by short sales in Single Stocks and Macro Products.

Europe: Europe drove the bulk of buying on the week while Asia was the most net sold region. The book was net bought with new longs outpacing new shorts. Europe remains overweight vs MSCI World on our book by 0.71% up 0.41 ppts WoW. North America continues to be underweight, at −14.53%, greater by 0.75ppts.