What are other investment advisors doing - NAAIM Survey

Most Recent NAAIM Survey Results

The green line shows the close of the S&P 500 Total Return Index on the survey date. The purple line depicts a two-week moving average of the NAAIM managers’ responses.

The NAAIM Number
75.98
Last Quarter Average
70.53

Download Excel file with data since inception »

Date NAAIM Number Mean/Average Bearish Quart1 Quart2 Quart3 Bullish Deviation
01/02/13 75.98 -125 59.25 77.50 100.00 200 53.25
12/26/12 88.10 0 67.00 85.00 100.00 200 44.51
12/19/12 80.19 -100 62.50 81.50 100.00 200 49.81
12/12/12 82.91 0 51.50 80.00 100.00 200 40.87
12/05/12 75.71 -125 51.00 85.00 100.00 200 53.95
11/28/12 55.19 -125 20.00 70.00 100.00 150 58.26
11/21/12 64.20 -25 40.00 50.00 100.00 170 42.98
11/14/12 67.22 -125 23.75 77.50 99.65 170 64.79
11/07/12 57.95 -125 40.00 65.00 90.00 170 57.54
10/31/12 75.11 -125 50.00 85.00 100.00 200 59.22

NAAIM member firms who are active money managers are asked each week to provide a number which represents their overall equity exposure at the market close on a specific day of the week, currently Wednesdays. Responses can vary widely as indicated below. Responses are tallied and averaged to provide the average long (or short) position or all NAAIM managers, as a group.

Range of Responses:

200% Leveraged Short
100% Fully Short
0% (100% Cash or Hedged to Market Neutral)
100% Fully Invested
200% Leveraged Long

Data collection issues that may affect the statistical significance of this data include:

Use of a single, composite number for each adviser may not accurately represent the market view of a manager who has short term and long term strategies that are providing conflicting signals or a manager who uses both contra-trend and trend following strategies for different portfolios.

Investment Styles very widely among managers participating in this survey. They may include managers that trade very frequently and can switch long and short positions daily. Other managers stay fully invested at all times and only change allocations among market segments or sectors. Still others trade around core positions and only a portion of their portfolios change, but that portion could potentially go from long to short very quickly.

Sample size: Although the number of participating managers, known as NAAIM Trend Setters, is steadily growing the sample size is not large and therefore may be less reflective of actual market conditions.

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