全球股票策略：谁持有什么资产？更优的布局……静待油价走向

Barclays' Equity Strategy "Who Owns What" report assesses positioning and cross-asset flows. Equity inflows remained strong in September (+$81bn) and are running at a record YTD pace, but momentum is fading, retail sentiment turned the most bearish this year, and macro hedge funds have largely exited longs; systematic investors (risk-control funds near peak exposure) remain the main support. Overall positioning stays overweight equities but is far less stretched and more dispersed than early-summer highs. Positive Q4 seasonality and midterm dynamics typically argue for a rebound, but a year-end rally and renewed rotation into Europe require lower/stable oil prices;