Spain Financials have surged to 32% of Global funds — leapfrogging Italy, Canada and the Netherlands to become the fastest-rising Financials country exposure in the active Global universe.
New positions outpaced closures four-to-one over the past 12 months, with 47 new entrants — only South Korean Technology saw a larger increase in fund ownership globally.
Rising ownership alongside a persistent ACWI underweight increases the active risk of non-ownership for funds on the sidelines