Barclays: Equity Positioning Not Near Capitulation Levels

Equity positioning has softened but remains far from capitulation levels, according to Barclays analyst Emmanuel Cau. Despite a pullback, long-only inflows were near record highs in March, and positioning is "cleaner but not depressed." Investors remain tilted towards a de-escalation scenario around the Iran conflict, with equities seeing more inflows than bonds.