French debt looks unsustainable. The flows don't say crisis. Yet.
France’s debt outlook is deteriorating, but foreign demand for OATs remains strong. Chris Marsh examines the risks and what could trigger a funding crisis.
Vanda Research · 4 min read
Positioning, flow, and tactical macro.
What our strategists are reading in the positioning and flow data, written for a 0–3 months horizon, not for an archive.
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Australia may be about to hike into weakness
Another RBA hike looks increasingly likely, but weakening business conditions and diverging Australia–New Zealand data could matter more for rates and AUD/NZD.
Vanda Research · 1 min
Exante Data to become Vanda Macro Intelligence
Vanda to complete the integration of Exante Data, which will become Vanda Macro Intelligence from 1 October, bringing macro, positioning and flow data, analytics and insights together under one brand and platform.
Vanda Research · 3 min
The bond sell-off may not be what it seems
Global yields are pushing higher as CTA rates shorts hit record levels. Vanda looks beyond the fiscal narrative at what could drive the next move.
Vanda Research · 2 min
Jackson Hole: don't just watch the rate signal. Watch the reaction function.
Kevin Warsh’s Jackson Hole speech may matter less for the next rate move and more for the Fed’s reaction function, inflation framework and market outlook.
Vanda Research · 5 min
Nvidia beat expectations, was Vanda's call correct?
Was Vanda's pre-earnings call on Nvidia correct? See how subdued options pricing and light positioning set up the post-earnings rally, and what it means for semis.
Vanda Research · 1 min
Palantir’s post-earnings rally tells the story of a more tactical retail investor
Palantir surged nearly 30% despite record retail selling. VandaTrack reveals how tactical retail profit-taking met institutional and systematic demand.
Vanda Research · 2 min
4 Charts to Watch as Markets Head into Summer
The setup for US equities is becoming more nuanced: AI leadership is being tested, positioning is still unwinding, rates are approaching important levels again, and retail behaviour is becoming harder to read.
Vanda Research · 1 min
VandaTrack Retail Flow Data: Now Available on the Snowflake Marketplace
VandaTrack retail investor flow data is now available on Snowflake Marketplace, giving institutional investors easier access to US equities retail trading activity for research, modelling, risk management and market sentiment analysis.
Vanda Research · 2 min
Warsh, the Fed and a Hawkish FOMC
Warsh’s first FOMC meeting kept rate hikes on the table, as sticky inflation, AI price pressures and uncertain energy relief point to a more hawkish Fed path.
Vanda Research · 2 min
The Magnificent 7 Just Got an AI Upgrade: The Fab 10
The Magnificent 7 is losing relevance as AI accelerates. Meet the FAB 10 – a new group of companies shaping the next phase of market performance.
Vanda Research · 3 min
Inflation Did Not Shock Markets, But It Is Still Too Early To Call The Bottom
Inflation did not shock markets, but Vanda warns it is too early to call the bottom as flow risks, crowded AI trades and IPO liquidity pressures remain.
Vanda Research · 5 min
Just days before the SpaceX IPO: What does it mean for markets?
Explore what the SpaceX IPO could mean for markets, retail flows, ETF proxy positioning, index inclusion and the next wave of major tech IPOs.
Vanda Research · 2 min
Key Takeaways | Exante & Vanda | 10 Year Anniversary Conference
Key insights from US Treasury Secretary Scott Bessent at the Exante Data 10th Anniversary Conference on fiscal policy, geopolitics, oil markets, tariffs, and the future of the US dollar amid global “polycrisis.
Vanda Research · 1 min
Exante & Vanda | 10 Year Anniversary Conference
Key insights from US Treasury Secretary Scott Bessent at the Exante Data 10th Anniversary Conference on fiscal policy, geopolitics, oil markets, tariffs, and the future of the US dollar amid global “polycrisis.
Vanda Research · 1 min
Retail Is Quietly Rotating Into Europe & Japan
Retail Is Quietly Rotating Into Europe & Japan Retail flows are starting to broaden beyond the US. As shown in the chart above, the iShares Core MSCI Europe ETF (IEUR) just recorded its largest daily retail inflow since 2014. Similar acceleration is visible in Japan-focused ETFs. What makes this notable is not the headline level of retail activity, which remains moderate, but the shift in composition. After years of concentrated US exposure, incremental retail capital is now moving into international equities.
Vanda Research · 1 min
Vanda and Exante Data Combine in Strategic Merger
Vanda and Exante Data Combine in Strategic Merger
Vanda Research · 4 min
Retail Dip Buying Is Losing Conviction and Why That Matters
Reuters highlighted a shift in Vanda Research retail flow data showing weaker dip buying. Softer retail demand increases equity sensitivity to institutional positioning at a time when macro signals are mixed. Learn why this behavioural change matters for market dynamics into year end.
Vanda Research · 1 min
Retail Investors and Market Resilience: What the Data Shows
A new study using VandaTrack retail data, co-authored by economists from the Federal Reserve Board and top universities, reveals that higher retail participation supports market resilience while institutional positioning amplifies crashes.
Vanda Research · 1 min
EUR/USD Option Flows: Downside Hedging Picks Up
Vanda’s intra-day FX option flow data shows the first meaningful uptick in EUR/USD optionality since early October, with clear downside hedging bias as put demand accelerates below 1.15.
Vanda Research · 1 min
Retail Bought The Dip Again
After Friday’s sell-off, retail investors once again stepped in to buy weakness. Our data shows the highest day of net retail buying since the Liberation Day episode, highlighting retail’s continued resilience even as institutional positioning weakens.
Vanda Research · 1 min
Vanda’s Three-Pillar Framework in Action: Positioning, Macro, and Catalysts
Discover how Vanda’s three-pillar tactical framework — positioning, high-frequency macro data, and catalysts — identified the Delta Airlines earnings rally before it happened. Learn how our data-driven approach helps investors anticipate market reactions rather than explain them after the fact.
Vanda Research · 1 min
Positioning at Extremes: Why the Risk of a Pullback Is Rising
Vanda’s US equity positioning indicator signals rising sell-off risk as positioning nears extreme levels. Why crowded markets matter for investors.
Vanda Research · 1 min
Positioning Is the Biggest Risk to US Equities Right Now
US equity positioning has crossed 1.25 SD a level where left-tail risks historically rise. Learn why positioning, not the Fed or growth, is the biggest risk to equities right now.
Vanda Research · 1 min
Positioning Data Has Been Slow to Catch Up with FX. We’ve Changed That
FX markets move fast. Until now, positioning data hasn’t. Most positioning datasets are lagged and noisy, revealing shifts only after prices have already moved. This makes it difficult for portfolio managers, strategists, and quant teams to act with conviction.
Vanda Research · 1 min
Back to School: Our Tactical Macro Framework
Discover Vanda’s five-pillar tactical macro framework for US 10Y yields and G10 fixed income. A positioning-first approach that helps investors anticipate market moves, avoid consensus traps, and sharpen timing.
Vanda Research · 2 min
Vanda in the News: Featured on CNBC
Vanda was featured on CNBC, with our research on positioning and flows highlighted for its role in helping investors better understand market moves.
Vanda Research · 1 min
VandaXasset: Important improvements to our FX data
29 May 2024 Vanda Research Announces New Partner Appointments and Key Promotion Vanda Research is delighted to announce the appointment of Yuchi Duong, Chi
Vanda Research · 3 min
Launching Vanda's Summer Webcast Series
Join Vanda's Summer Webcast Series in June for expert insights on navigating risk and identifying market opportunities. Register now for high-impact, 15-minute sessions.
Vanda Research · 1 min
How to Track Retail Investor Activity, Flows and Options with VandaTrack
3 Mar 2025 Understanding retail investor flows is crucial, but cutting through market noise is challenging. VandaTrack delivers daily, actionable insights
Vanda Research · 1 min
Tactical Playbook for Q1 2025: Key Insights from Vanda’s Webcast
18 Dec 2024 Key highlights and takeaways As we step into a pivotal new year, navigating the complex landscape of global markets requires a strategic approa
Vanda Research · 1 min
Team Promotions
29 May 2024 Vanda Research Announces New Partner Appointments and Key Promotion Vanda Research is delighted to announce the appointment of Yuchi Duong, Chi
Vanda Research · 1 min
VandaXasset Press Release
12 Sep 2023 Vanda Research launches VandaXasset data platform, providing delivery of Vanda’s proprietary positioning data. Vanda Research, the global indep
Vanda Research · 2 min
Financial Times: Net purchases of US stocks hit highest daily level in three months, VandaTrack data shows
6 Jun 2023 Net purchases of US stocks by retail investors hit almost $1.5bn on May 30 and 31, the highest daily figures in three months, data from VandaTra
Vanda Research · 1 min
Markets Insider: Retail investors are about to throw in the towel and finally sell if Apple and Tesla stumble, Vanda Research says
30 Sep 2022 Shares of Apple and Tesla are becoming increasingly important to the portfolio performance of retail investors, and any stumble in those two st
Vanda Research · 1 min
Investing in our clients - A message from the CEO
20 Sep 2022 Our mission at Vanda is to provide our clients with actionable, responsive and differentiated market insights. With that in mind, I want to upd
Vanda Research · 2 min
Nasdaq: Retail investors buck flows trend to add to energy ETFs
4 Aug 2022 Estimates of retail action from VandaTrack show individual investors added more than $386 million in non leveraged energy-focused equity ETFs wi
Vanda Research · 1 min
Bloomberg: Retail traders swoop in to help stocks, especially Tesla
4 Aug 2022 Retail investor buying has consistently topped the year-to-date average of $1.36 billion over the past five days, with a focus on "classic" tech
Vanda Research · 1 min
Vanda celebrates its 10-Year Anniversary
23 Jun 2022 This June, Vanda celebrated its 10-year anniversary by taking the whole team down to the South coast of England. Colleagues travelled from all
Vanda Research · 1 min
MarketWatch: Retail interest in U.S. stocks reached its lowest level of the year so far on Tuesday says Marco Iachini, Vanda Research Analyst
23 Jun 2022 "They still haven’t reached levels of “capitulation” on par with what was witnessed before stocks turned around in December 2018 and March 2020
Vanda Research · 1 min
Markets Insider: Average retail investor's portfolio lost 32% — but that hasn't stopped them from buying the dip, Vanda Research says
26 May 2022 "History taught us that when facing losses of this magnitude retail would have given the first signs of capitulation, but sentiment appears to
Vanda Research · 1 min
Vanda donates over US$35,000 to the Ukraine Humanitarian Appeal
8 Apr 2022 We are pleased to announce that Vanda will be donating over US$35,000 to the Ukraine Humanitarian Appeal from the Disaster Emergency Committee.
Vanda Research · 1 min
Vanda Donating 10% of March 2022 New Business Revenues
14 Mar 2022 Vanda will be donating 10% of all new business revenues in the month of March to the Ukraine Humanitarian Appeal from the Disaster Emergency Co
Vanda Research · 1 min
CityAM: Investors hunt for bargains amid global market turmoil
9 Mar 2022 “In the past five days, retail purchased in total $ 7.1 bn worth of US securities,” said Marco Iachini, senior vice president at Vanda. To read
Vanda Research · 1 min
Markets Insider: Retail traders buy gold and VIX ETFs, bet against tech stocks as Russia invades Ukraine
25 Feb 2022 Retail traders are piling into exchange-traded funds based on the VIX — also known as the stock market's fear gauge — while ramping up bets aga
Vanda Research · 1 min
Markets Insider: Long-time retail investors pulling back while new ones are into the dip
3 Feb 2022 Retail investors have bought stocks every day in 2022, but there are signs of capitulation, said Vanda Research.
Vanda Research · 1 min
Reuters: Time to buy - Retail investors swoop in when stocks falter
13 Jan 2022 Individual investors have been focusing on stocks such as Tesla Inc (TSLA.O) and Apple Inc (AAPL.O), as well as tech-focused and leveraged exch
Vanda Research · 1 min
WSJ: Meme Stocks Slump to Start New Year
10 Jan 2022 Individual investors have remained active in the market in 2022, buying a net $3.9 billion of U.S. stocks and exchange-traded funds in the firs
Vanda Research · 1 min
Markets Insider: The 'FAAMG' trade is dead but Apple's appeal stays alive with retail buyers and a $90 billion buyback arsenal, research firm says
10 Jan 2022 "What seems clear is that FAAMG is not a thing anymore, at least not from a retail perspective. The group received very large flows at the star
Vanda Research · 1 min
4th January 2022 - Vanda hires Charlie Pollard into the London Sales team
4 Jan 2022 Vanda Research hires Charlie Pollard into the London sales team. Charlie joins Vanda having spent the previous 18 months at EPFR as a sales exec
Vanda Research · 1 min
17th December 2021 - Vanda promotes Giacomo Pierantoni to Head of Data
17 Dec 2021 Vanda Research announces the promotion of Giacomo Pierantoni to Head of Data. Giacomo has been with Vanda since July 2017, starting as an analy
Vanda Research · 1 min
Bloomberg: Retail Traders Snapped Up $2 Billion of ETFs, Stocks During Rout
29 Nov 2021 Friday marked the third largest day of net retail buying since the pandemic began with non-tech single stocks seeing the largest inflows, accor
Vanda Research · 1 min
WSJ: What Inflation? Small Investors Keep Piling Into Flashy Growth Stocks
25 Nov 2021 Advanced Micro Devices Inc., Nvidia Corp. and Apple Inc. are the three stocks most purchased this month by individual investors, according to V
Vanda Research · 1 min
Bloomberg: Retail Traders Flock to EV Stocks With an Eye on U.S. Carmakers
10 Nov 2021 Retail investors bought $448 million in shares of Ford Motor Co and Lucid Group Inc. over the past month, with demand recently surpassing that
Vanda Research · 1 min
TAAM: Lots of ratings changes, but less conviction overall
13 Oct 2021 The stagflation trade appears to be the only theme that traders have any conviction. For further information about this research publication co
Vanda Research · 1 min
Bloomberg: Retail Traders Rode to Rescue, Bought $1.9 Billion of Stocks
21 Sep 2021 Individual investors bought a total of $1.93 billion worth of assets Monday, the fourth-largest net buying since the start of the pandemic, acc
Vanda Research · 1 min
EM Tactical strategy: Bullish despite Evergrande fears
17 Sep 2021 Although Evergrande’s liquidity issues brought the outperformance of Asian equities to a temporary halt this week, we see clear signs of a shif
Vanda Research · 1 min
European Tactical Strategy: Positioning for German election surprises
14 Sep 2021 In this week's note, we take a closer look at the risks around the German elections later this month (26 Sep) – and highlight the potential sce
Vanda Research · 1 min
European Tactical Strategy: Trading the UK’s macro imbalances
7 Sep 2021 In this note, we use the UK economy as a case study to highlight how macro imbalances in the goods and labour markets are likely to mean a more
Vanda Research · 1 min
EM tactical strategy: Upgrading Asian equities
3 Sep 2021 "The wide differentials in vaccination rates, along with the global growth slowdown, have been the two main reasons why global asset allocators
Vanda Research · 1 min
Vanda's Head of Research speaks at BNY Global IR Event
2 Sep 2021 Eric Liu, Vanda's Head of Research, was invited by BNY Mellon's Global IR Advisory team to speak about addressing the role of the retail investo
Vanda Research · 1 min
Retail Investors’ Return Offers Hope for Broader Group of Stocks
2 Sep 2021 Vanda sees diversification but meme-stock mania ‘unlikely’ To read the full artcile click HERE.
Vanda Research · 1 min
VandaTrack Press Release
10 Feb 2021 Vanda Research launches data service that tracks daily US retail flow. Vanda Research, the global independent tactical macro specialists, today
Vanda Research · 1 min
Business Insider - Vanda Research creates VandaTrack
2 Feb 2021 "Vanda Research's new retail-investor tracker nailed silver and AMC as likely targets for Reddit-driven short-squeeze. These are the 4 stocks it
Vanda Research · 1 min
Vanda HS: Hydrogen and Water are 2021’s TSLA and TAN
11 Jan 2021 In this note, we take a look at the potential catalysts that are likely to inject further momentum into ESG-related assets over the coming quar
Vanda Research · 1 min
Positioning Update: Treat the Bitcoin rally like any other retail-driven stock surge
6 Jan 2021 All the data suggests that the bitcoin rally is no different to any of the large retail-driven stock moves that we’ve been accustomed to in 2021
Vanda Research · 1 min
Vanda turns bearish US Equities
22 Dec 2020 TAAM: Short equities, short USTs and long USD A few things have triggered our bearish US eq view this month: Positioning has grown materially
Vanda Research · 1 min
Vanda Risk Update: Buy Taiwan/Korea Tech If Unconvinced About Value Rotation
13 Nov 2020 Long EM vs US remains one of Vanda’s highest conviction trades. For further information about this research publication contact us at sales@van
Vanda Research · 1 min
Positioning update: This reopening rally is different to May
10 Nov 2020 We expect yields to continue their ascent due to TY puts being concentrated in the 1% range. For further information about this research public
Vanda Research · 1 min
Vanda Risk Update: A few last minute thoughts
2 Nov 2020 Florida’s results will be the single most important development for investors to follow on election day. The margin of victory will likely deter
Vanda Research · 1 min
The Vanda CIO Risk Report - It's (probably) OK to be late next week
31 Oct 2020 Can investors make money on next week’s election even if they decide not to hold any risk into the event? History suggests that the answer is y
Vanda Research · 1 min
Positioning Update: Higher UST yields on Dem sweep is consensus, but it is not crowded
20 Oct 2020 CTAs have closed more than half of their long positions but they’re still far from the outright short levels reached in 2017. For further infor
Vanda Research · 1 min
14th October 2020 - A message from our CEO - Investing in our clients
14 Oct 2020 Our mission at Vanda is to be actionable, responsive and differentiated. With that in mind, I want to update you with some exciting development
Vanda Research · 2 min
26th September 2020 - The Vanda CIO Risk Report - Equity markets still haven't bottomed
26 Sep 2020 Dip buying behaviour from fundamental investors remained anaemic this week, while systematic strategies continued to sell equities. For further
Vanda Research · 1 min
19th September 2020 - The Vanda CIO Risk Report - The mechanics and market impact of a contested election
19 Sep 2020 "One thing that appears more or less certain – regardless of how November 3 plays out – is that a contentious electoral process, accusations of
Vanda Research · 1 min
9th September 2020 - Vanda Hippocrates' Sleeve: Inaugural New Retail survey
9 Sep 2020 With Robinhood data no longer available we have recently conducted a survey of first-time retail investors based in the US to help our clients m
Vanda Research · 1 min
11th August 2020 - Vanda PU: 4 Retail Metrics To Follow When Robintrack Goes
11 Aug 2020 Following Robinhood's decision to stop publishing data on the number of clients that hold a certain position, we have received a myriad of quer
Vanda Research · 1 min
7th August 2020 - Vanda HS: Why UST yields should rise into year-end
7 Aug 2020 In this note, we review why systematic positioning & seasonality will increase the probability that yields rise into year-end. For further infor
Vanda Research · 1 min
5th August 2020 - Vanda HS: Markets are starting to feel like February 2020
5 Aug 2020 Without getting overly dramatic, the current environment is starting to feel a bit like the start of the year. Equities continue to lazily drift
Vanda Research · 1 min
30th July 2020 - Vanda Risk Update: Bullish EUR despite second wave
30 Jul 2020 With Biden's odds of winning the election sitting at 61%, how much has already been baked into EUR/USD? For further information about this rese
Vanda Research · 1 min
3rd July 2020 - "Keep tracking millennials but don't forget boomers"
3 Jul 2020 "Boomers and Gen X investors have plenty of dry powder to buy stocks in the next three to six months," said Ben Onatibia, a strategist at Vanda.
Vanda Research · 1 min
19th June 2020 - Vanda Risk Update: Downplaying trade war risks (for now)
19 Jun 2020 Keep an eye on Soybean purchases, after three consecutive weeks when China bought no soybeans from the US, purchases resumed with 66 metric ton
Vanda Research · 1 min
5th June 2020 - Vanda Risk Update: Time for EM outperformance
5 Jun 2020 Old-time readers will know that we use a combination of foreign flows and short interest to determine when to overweight EM equities vs. the res
Vanda Research · 1 min
2nd June 2020 - Vanda promotes Angus Hume to CEO
2 Jun 2020 Vanda Research today announced that its partners have appointed Angus Hume as Chief Executive Officer. Angus’ appointment is effective immediate
Vanda Research · 1 min
2nd June 2020 - The Vanda CIO Risk Report - Taking some risk off the table
2 Jun 2020 Following this week’s 5% surge in US equities, we’re recommending investors take some chips off the table. For further information about this re
Vanda Research · 1 min
26th May 2020 - Vanda positioning update: Systematic funds will buy US$ 170bn in June
26 May 2020 We estimate that 60-day vol will fall below 30% by the end of June. That should translate into US$ 170bn worth of equity purchases from CTAs, R
Vanda Research · 1 min
14th May 2020 - Vanda Risk Update: Blame Call Buying For Overshoots In Stocks
14 May 2020 Hedge funds bought large OTM calls on TSLA one or two days before the weekly expiry with little chances of finishing in the money. However, the
Vanda Research · 1 min
12th May 2020 - Eric Liu, Head of Research, interview with Ex-CNBC Anchor Oriel Morrison
12 May 2020 Oriel Morrison: "These are the only guys I know who have called the market to perfection." Click Here to watch the interview now
Vanda Research · 1 min
7th May 2020 - Vanda Risk Update: When will EM start to outperform?
7 May 2020 Insitutional investors will try to front-run flows from systematic investors. That should clear an important hurdle for foreign interest in EM t
Vanda Research · 1 min
21st April 2020 - Retail investors risk getting burned by oil volatility
21 Apr 2020 In the short term, the biggest risk I see is the potential for retail investors to lose their shirts on these oil bets should the Jun20 and Jul
Vanda Research · 1 min
18th April 2020 - The Vanda CIO Risk Report - When Are Investors Pricing In A Reopening Of The US Economy?
18 Apr 2020 A single event study of the scenario most similar to the current one – the GFC selloff in ’08/’09 – indicates that the SPX bottomed 8.5 weeks b
Vanda Research · 1 min
11th April 2020 - The Vanda CIO Risk Report - Long Equities, Short USD And A Bit Perplexed On Rates
11 Apr 2020 Main reason we are bullish equities still; investor positioning has barely budged since bottoming three weeks ago. For further information abou
Vanda Research · 1 min
26th March 2020 - Vanda HS: Why this isn't a dead cat bounce
26 Mar 2020 All three of the principle elements of our MERC framework have been satisfied. Momentum stocks have underperformed, retail capitulation has occ
Vanda Research · 1 min
19th March 2019 - Vanda HS: Turning bullish on yesterday’s retail capitulation
19 Mar 2020 Retail capitulation has been a critical precondition of market bottoming during past equity selloffs, occurring 84% of the time since 2009. For
Vanda Research · 1 min
14th March 2020 - The Vanda CIO Risk Report: To Play A Rebound, Trust In MERC
14 Mar 2020 M.E.R.C - MTUM vs SPX, ETF inflows, Robinhood ownership, Call-to-put ratio, For further information about this research publication contact us
Vanda Research · 1 min
29th February 2020 - The Vanda CIO Risk Report: too early to buy the dip
29 Feb 2020 Call-to-put ratio in US equities remains elevated, as a result yet to see full scale equity capitulation. For further information about this re
Vanda Research · 1 min
18th February 2020 - Vanda RU: AAPL is the canary in the tech coal mine
18 Feb 2020 That’s because output disruptions from the nCoV pandemic aren’t limited to iPhone builds and AirPods purchases. Already we’ve seen Taiwanese ma
Vanda Research · 1 min
13th February 2020 - Vanda HS: Auditing, but not changing, our bearish equity call
13 Feb 2020 We're still cautious risk with positioning in US stocks remains as extremely elevated, at +2.1 SD. For further information about this research
Vanda Research · 1 min
5th February 2020 - Vanda Risk Update: Echoes of 2014 in the current dead cat bounce
5 Feb 2020 The current SPX trajectory closely mirrors that of 2014, the last time managers were this bullish. For further information about this research p
Vanda Research · 1 min
30th December 2019 - Vanda HS: Equity positioning triggered an important bearish signal last week
30 Dec 2019 The US single stock equity call-to-put ratio, perhaps the most reliable positioning indicator we track, finally breached the +1.5 standard devi
Vanda Research · 1 min
17th December 2019 - Vanda Positioning Update: Finally, signs of retail exuberance
17 Dec 2019 Retail client base bought the largest amount of equities in 8 months. For further information about this research publication contact us at sal
Vanda Research · 1 min
10th December 2019 - Hippocrates' Sleeve: UK Election
10 Dec 2019 Large Conservative majority will push GBP to 1.34. We’d expect GBP/USD to soften given the uncertainty around the EU trade deal in 2020. For fu
Vanda Research · 1 min
19th November 2019 - Eric Liu on Bloomberg TV
19 Nov 2019 Discussing the likelihood of an Equity draw-down as we head into 2020. Click Here to watch the video now
Vanda Research · 1 min
Vanda adds a three month forward return feature to its positioning platform
1 Nov 2019 You can now view the 3 month forward return for any given asset when its stretched beyond a particular threshold. Click here to discover more ab
Vanda Research · 1 min
12th October 2019 - The CIO Risk Report: What now?
15 Oct 2019 A sustained rise in rates should lead to a rotation out of defensives like utilities and staples and into cyclicals like banks and industrials.
Vanda Research · 1 min
11th October 2019 - Vanda HS: Path Clear For GBP Rally
11 Oct 2019 Options markets have turned a lot more bullish, pointing to 1.30 in case of a deal. For further information about this research publication con
Vanda Research · 1 min
8th October 2019 - Vanda HS: Positioning continues to fall, but waiting for a tariff delay
8 Oct 2019 We expect risk markets are somewhat closer to bottoming. Before getting properly bullish, though, I’d like to see ... For further information ab
Vanda Research · 1 min
25th September 2019 - Vanda Risk Update: Elizabeth Warren Is This Week’s Biggest Winner
25 Sep 2019 If the ensuing attention on Biden ends up opening the window for Warren to take the lead, Markets won't take kindly to the risk she wins. This
Vanda Research · 1 min
20th September 2019 - Vanda Risk Update: Asia Goes Cyclical
20 Sep 2019 A rebound in the tech cycle would reinforce the recent improvement in macro data and accelerate the cyclical rotation in global risk. For furth
Vanda Research · 1 min
18th September 2019 - Vanda Hippocates' Sleeve: Don't Fear The Fed
18 Sep 2019 Net-net given the heavy crowding that remains in the long defensives vs short cyclicals trade, the smarter bet at this point is probably to be.
Vanda Research · 1 min
17th September 2019 - Vanda Positioning Update: Factor Rotation has Legs
17 Sep 2019 The rally in oil stocks may have just dealt a another blow to the momentum trade that blew up last week. For further information about this res
Vanda Research · 1 min
3rd September 2019 - Positioning update: No-deal GBP forecasts are too gloomy
3 Sep 2019 Street Strategists trim their GBP fair value estimates in the case of a no-deal to.... For further information about this research publication c
Vanda Research · 1 min
27th August 2019 - Positioning update: Getting closer to capitulation
27 Aug 2019 Call to put ratio of US single stock volumes fell below -1.5 SD on Friday, a level associated with a strong contrarian signal. In previously, w
Vanda Research · 1 min
22nd August 2019 - Risk update: How negative can EU yields go?
22 Aug 2019 But who's "crazy" enough to buy negative yielding debt? The short answer is a combination of foreign investors, insurance companies, vol seller
Vanda Research · 1 min
19th August 2019 - Vanda Risk Update: First bullish equity positioning threshold has been triggered
15 Aug 2019 US Call/put ratio has finally triggered a contrarian signal. For further information about this research publication contact us at sales@vanda-
Vanda Research · 1 min
14th August 2019 - Vanda Risk Update: The bearish side of the tariff delay
14 Aug 2019 We're inclined to take a bearish view because the tariff impacted stocks performed inline with the broader index, failing to reverse the large
Vanda Research · 1 min
12th August 2019 - Vanda's Hippocrates' Sleeve: Still Too Early To Buy The Dip
12 Aug 2019 It’s still too early to buy the dip in equity markets, for 3 big reasons. For further information about this research publication contact us at
Vanda Research · 1 min
7th August 2019 - Hippocrates’ Sleeve: Too early to buy the dip
7 Aug 2019 By most measures, the market’s reaction to Donald Trump’s latest salvo has been far more bearish than previous trade scares. For further informa
Vanda Research · 1 min
5th August 2019 - Vanda Positioning Update: A market with no buyers
5 Aug 2019 Bigger losses in equity markets as quantitative strategies begin their periodic de-risking process and fundamental investors refrain from buying
Vanda Research · 1 min
19th July 2019 - Risk Update: Earnings moves justify higher implied vols
19 Jul 2019 On average, companies that have surprised on the upside have outperformed the S&P by 2%, those missing have under-performed by 3%. For further
Vanda Research · 1 min
17th July 2019 - Positioning update: The truth about Long-Short positioning
17 Jul 2019 L/S are more likely to turn long in the event of a positive catalyst like a trade deal, a 50bp cut from the Fed or a synchronized recovery in g
Vanda Research · 1 min
17th July 2019 - Hippocrates' Sleeve: Charting the journey from two Fed hikes to three cuts
17 Jul 2019 From a data-only perspective, this will be the least justifiable Fed cut of the past 30 years. For further information about this research publ
Vanda Research · 1 min
11th July 2019 - Risk Update: Why equities aren’t budging on higher rates
11 Jul 2019 The most straightforward answer is that the rise in yields hasn't been large enough to hurt equities but put-call gamma inbalance may also be a
Vanda Research · 1 min
9th July 2019 - Hippocrates’ Sleeve: Powell testimony likely to be a nonevent, but stay hawkish
9 Jul 2019 Bond investors have been more proactive in hedging downside risk their equity peers - equities stand to lose more from a rapid pop in UST yields
Vanda Research · 1 min
3rd July 2019 - Positioning Update: What to expect on NFP
3 Jul 2019 We see upside bias to UST 10Y yields going forward. If the NFP release turns out to be a non-event, the bottom for interest rates should come on
Vanda Research · 1 min
26th June 2019 - Positioning Update: What are markets pricing for G20
26 Jun 2019 Market pricing in trade sensitive assets is consistent suggests that investors are pricing a delay to tariff hikes and an extension to negotiat
Vanda Research · 1 min
12th June 2019 - Vanda Risk Update: What the market’s CPI reaction function tells us about next week’s FOMC
12 Jun 2019 "Markets are betting this is ’98, not ’01 or ’07/’08. In the case of the former, the Fed managed to delay but not stop an impending recession,
Vanda Research · 1 min
11th June 2019 - Vanda Positioning Update: Why are speculative investors still short the 10Y?
11 Jun 2019 Investors are betting on a steepening of the yield curve & What does a deal at G20 mean for global risk? For further information about this res
Vanda Research · 1 min
3rd June 2019 - Positioning Update: This Sell-Off Is Different
3 Jun 2019 - Lack of vol causing slow grind downwards in this S&P drawdown. Previous sell offs Vix rose between 10 & 27 in the first 2 weeks of market decl
Vanda Research · 1 min
1st June 2019 - The Vanda CIO Risk Report
1 Jun 2019 US equities dropped 2.6% this week, the worst WoW performance since the middle of December. While we remain somewhat constructive on equity risk
Vanda Research · 1 min
22nd May 2019 - Eric Liu, Vanda's CEO & Head of Research, appearing on Bloomberg TV discussing the escalating trade rhetoric.
23 May 2019 "This time is different - I don't think much is priced in at all" Watch Video
Vanda Research · 1 min
22nd May 2019 - Vanda Hippocrates Sleeve: US Banks Could Benefit From A Mutual Fund Rotation
22 May 2019 - Long only managers continued to be net buyers of US equities at the start of this week. - Trade war headlines, like most risks, tend to have
Vanda Research · 1 min
16th May 2019 - Hippocrates’ Sleeve US equity gyrations aren’t about trade, and that’s bullish in the ST
16 May 2019 The 3% gain in US equities over the past three days has prompted many to wonder aloud whether this rebound is sustainable, or if we’re all just
Vanda Research · 1 min
14th May 2019 - Vanda Risk Update: How Much Did Systematic Strategies Sell?
14 May 2019 We estimate that VT funds sold roughly US$62bn in US equities, consistent with a drop in allocations from 95% to 78%. That's roughly 25% of yes
Vanda Research · 1 min
13th May 2019 - Vanda PU: Chinese Investors Remain Surprisingly Bullish Despite The Sell-Off
14 May 2019 - Institutional positioning in Chinese equities appears to have washed out. - Foreigners don't move the needle in China. - Retail leverage has
Vanda Research · 1 min
13th May 2019 - Vanda Risk Update: Desperately Seeking A Trump Put
13 May 2019 With the SPX now -3% on the day – the largest daily decline since December 24 – it’s worth asking the question: when does the Trump Put come in
Vanda Research · 1 min
11th May 2019 - The Vanda CIO Risk Report
11 May 2019 With tape bombs and tweet storms you can forget about an equity 'melt up'. - Long short may have more room to cut exposure. - Risk of profit ta
Vanda Research · 1 min
9th May 2019 - Vanda Hippocrates' Sleeve: After Friday
9 May 2019 We still see very little upside for US equities. The ugly truth of this week’s price action is that, while Trump’s tweet on Sunday was clearly t
Vanda Research · 1 min
6th May 2019 - Vanda Risk Update
6 May 2019 Absent quant involvement, we are unlikely to see a sudden 10% draw in the SPX like in February and October 2018. For further information about t
Vanda Research · 1 min
2nd May 2019 - Vanda HS: US Earnings Environment Improving, But Beware A CTA-Driven Rates Scare
2 May 2019 EPS misses continue to get punished heavily but reaction function has grown more constructive over the past week. L/S investors have grown more
Vanda Research · 1 min
Vanda Securities promotes Liu to CEO
2 Apr 2019 Vanda Research today announced the appointment of Eric Liu as Chief Executive Officer. Vanda Securities Pte. Lte., the Singapore-based macro res
Vanda Research · 1 min
Vanda promotes Ben Onatibia to Partner, Head of Singapore
30 Jan 2019 "We are very pleased to announce that we have promoted Ben to be Partner of the firm. Ben's tireless commitment to both the firm and to its cli
Vanda Research · 1 min
Vanda adds Chinese Sectors to their current positioning suite
7 Aug 2018 Vanda adds Chinese and HK Sectors to their current positioning suite, see www.vanda-analytics.com for more details.
Vanda Research · 1 min
11th April 2018 - Eric Liu – Head of Research – on Bloomberg
11 Apr 2018 Vanda Research's Eric Liu Says We've Seen the Bottom in Equities. Watch Video
Vanda Research · 1 min
26th February 2018 - Ben Onatibia – Head of Markets – on CNBC
26 Feb 2018 Corporate treasuries were the main cause of market recovery Watch video
Vanda Research · 1 min
Vanda Securities Launches New Video
9 Feb 2018 Vanda Securities launches new video on risk to commemorate the company's 5th anniversary Vanda Securities has launched a new video on how we see
Vanda Research · 1 min
9th February 2018 - Eric Liu – Head of Research – on Bloomberg
9 Feb 2018 Days of Single-Digit Vol Are Probably Long Gone, Says Eric Liu Watch video
Vanda Research · 1 min
6th February 2018 - Jason Ambrose – CEO and Head of Sales & Distribution – on CNBC
6 Feb 2018 A ‘hammering’ is coming for Treasurys and stocks won’t like it, analyst warns Watch video
Vanda Research · 1 min
17th January 2018 - Jason Ambrose – CEO and Head of Sales & Distribution – on Bloomberg
17 Jan 2018 Vanda's Ambrose Says U.S. Govt. Shutdown 'Neither Here Nor There for Risk' Watch video
Vanda Research · 1 min
Vanda Securities Launches Pre-eminent Proprietary Data Platform
1 Nov 2017 Vanda Securities has launched proprietary data platform InvestorPositioning.com Vanda Securities has launched InvesterPositioning.com, a pre-emi
Vanda Research · 1 min
Vanda Securities Opens New Office in New York City
1 Aug 2017 Vanda Securities opens a branch office in New York City under the legal name of Vanda Research Corp. Vanda Securities opened a branch office in
Vanda Research · 1 min
Vanda Securities Opens New Office in London
3 Oct 2016 Vanda Securities opens a branch office in London under the legal name of Vanda Research Ltd. Vanda Securities opened a branch office in London u
Vanda Research · 1 min
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