Risk‑on mood rising

Professional money managers are putting more money back into stocks, a sign that risk appetite has strengthened in April. (naaim.org) The National Association of Active Investment Managers’ Exposure Index rose to 79.49 for the week of April 15, 2026, up from 69.38 a week earlier. That was the highest reading since February, according to NAAIM data compiled by YCharts and CEIC. (ycharts.com, ceicdata.com) The index is a weekly survey of active managers’ U.S. equity exposure, taken after Wednesday’s market close. NAAIM says the figure represents the average exposure reported by its members, with a two-week moving average shown alongside the raw reading. (naaim.org, stockcharts.com) A higher reading means managers are carrying more stock exposure, not just saying they feel bullish. That makes the gauge useful as a positioning measure during weeks when investors are deciding whether to add risk or cut it. (naaim.org, en.macromicro.me) The move follows a rough first quarter for many hedge funds. Goldman Sachs told clients in late March that funds had been selling global equities for a fourth straight month and at the fastest pace in 13 years after market turbulence hit performance. (marketscreener.com) That backdrop helps explain why investors are watching leverage now. Prime brokerage data track how much borrowed money hedge funds use to hold positions, and a rise in net leverage usually means funds are rebuilding directional bets after cutting exposure. (gspublishing.com, wikipedia.org) Goldman’s prime brokerage desk has previously described periods of high crowding as stretches when popular longs keep outperforming and concentrated shorts keep lagging. When funds add leverage into those trades, momentum can feed on itself for a time. (gspublishing.com) The latest positioning data do not prove a market rally will last. But they do show that by mid-April, large active investors were leaning back toward equities instead of staying defensive. (naaim.org, ceicdata.com)