Update from 3 Prime Brokerage desks: Relentless selling
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Net leverage lower
The MS PB Content notes that across US-based L/S funds, net leverage fell ~4% WoW to 46%. Nets are now hovering near the bottom decile relative to levels over the past 12 months. Given that most of this week’s net selling came via short additions as opposed to long selling, they saw gross leverage tick ~1% higher to 202% - while nets now look lighter relative to historical levels, current gross levels still track close to the top decile on a 1/3/5-year lookback. (MS)