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Investor Sentiment

Purpose-built insights

Timely and actionable investor sentiment insights to strengthen your decision-making.

Investor Sentiment Index

Measuring risk sentiment amongst sophisticated investors.

The Addepar Investor Sentiment Index is a transactions-based index of high- and ultra-high-net-worth (U/HNW) investor sentiment derived from U.S. equity transactions captured on the Addepar platform.

Traditional investor sentiment readings are typically derived from survey results, which don’t always represent real investment choices. However, the Addepar Investor Sentiment Index is based on the anonymized and aggregated data of actual transactions and offers a more accurate view of investment activity.

The Addepar Investor Sentiment Index:

  • Provides a monthly reading of investors that are net buyers of U.S. equity securities versus those that are net sellers or net neutral

  • Measures stock market sentiment across 10,000+ investment portfolios, each valued at more $10 million in total assets

  • Offers a unique look into how sophisticated investors are thinking about their risk and adjusting their portfolios 

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Monthly Investor Sentiment Index

July 2022

June 2022

May 2022

April 2022

March 2022

February 2022

January 2022

December 2021

November 2021

October 2021

September 2021

August 2021

ISI Reading

The index is calculated as the relative share of individual investors that are net buyers of U.S. equity securities versus those that are net sellers or net neutral in a monthly time frame producing a reading between -100 and 100.  

Download July report

ISI Activity

The activity represents the index components such that “buying” - “selling” will net to the ISI. Dotted lines represent the historical average for each component.

July 2022

Key Observations

  • July's headline sentiment reading was modestly bullish at .5, quite similar to May and June's readings.
  • Trading volumes for the 4th month in a row continued to remain low relative to history.
  • Investors rotated into healthcare and energy and out of industrials.

    • ISI Reading

    The index is calculated as the relative share of individual investors that are net buyers of U.S. equity securities versus those that are net sellers or net neutral in a monthly time frame producing a reading between -100 and 100.  

    Download June report

    Download ISI time series

    ISI Activity

    The activity represents the index components such that “buying” - “selling” will net to the ISI. Dotted lines represent the historical average for each component.

    June 2022

    Key Observations

  • June's headline sentiment reading was modestly bullish at .7, quite similar to May's reading.
  • Investors bought energy, communications, and consumer cyclical sectors this month.
  • Trading volumes for the 3rd month in a row continued to remain low relative to history.

    • ISI Reading

    The index is calculated as the relative share of individual investors that are net buyers of U.S. equity securities versus those that are net sellers or net neutral in a monthly time frame producing a reading between -100 and 100.  

    Download May report

    Download ISI time series

    ISI Activity

    The activity represents the index components such that “buying” - “selling” will net to the ISI. Dotted lines represent the historical average for each component.

    May 2022

    Key Observations

  • May’s headline sentiment reading was modestly bullish at 0.5 following bearish reads in March and April.
  • Trading volumes continued to remain low relative to history.
  • Investors rotated into technology and utilities and out of financial services and communications sectors.

    • ISI Reading

    The index is calculated as the relative share of individual investors that are net buyers of U.S. equity securities versus those that are net sellers or net neutral in a monthly time frame producing a reading between -100 and 100.  

    Download April report

    Download ISI time series

    ISI Activity

    The activity represents the index components such that “buying” - “selling” will net to the ISI. Dotted lines represent the historical average for each component.

    April 2022

    Key Observations

  • April's headline sentiment reading remained bearish at -2.0 following a similar read in March.
  • Trading volumes remained low relative to history signalling investors are staying on the sidelines.
  • Investors continued to rotate from cyclical sectors like technology and communications to defensive ones like utilities and consumer defensive.

    • ISI Reading

    The index is calculated as the relative share of individual investors that are net buyers of U.S. equity securities versus those that are net sellers or net neutral in a monthly time frame producing a reading between -100 and 100.  

    Download March report

    Download ISI time series

    ISI Activity

    The activity represents the index components such that “buying” - “selling” will net to the ISI. Dotted lines represent the historical average for each component.

    March 2022

    Key Observations

  • Headline sentiment was moderately bearish at -1.8 for the month of March.
  • Lower than average buying activity accounted for this month's bearish read.
  • Investors continued to rotate from cyclical to defensive sectors as signs of slowing growth continue to mount.

    • ISI Reading

    The index is calculated as the relative share of individual investors that are net buyers of U.S. equity securities versus those that are net sellers or net neutral in a monthly time frame producing a reading between -100 and 100.  

    Download February report

    Download ISI time series

    ISI Activity

    The activity represents the index components such that “buying” - “selling” will net to the ISI. Dotted lines represent the historical average for each component.

    February 2022

    Key Observations

  • Headline sentiment was 2.4 for the month of February.
  • Gross activity, a measure of volume and typically tracks volatility, was low by historical standards.
  • Investors on net bought all sectors and were particularly bullish technology, consumer cyclical, and consumer defensive.

    • ISI Reading

    The index is calculated as the relative share of individual investors that are net buyers of U.S. equity securities versus those that are net sellers or net neutral in a monthly time frame producing a reading between -100 and 100.  

    Download January report

    Download ISI time series

    ISI Activity

    The activity represents the index components such that “buying” - “selling” will net to the ISI. Dotted lines represent the historical average for each component.

    January 2022

    Key Observations

  • Headline sentiment was 4.2 for the month of January.
  • As markets sharply sold-off in January, the percentage of investors buying U.S. Equities increased relative to historical averages.
  • Investors bought all sectors and were particularly bullish technology, financial services, and energy.

    • ISI Reading

    The index is calculated as the relative share of individual investors that are net buyers of U.S. equity securities versus those that are net sellers or net neutral in a monthly time frame producing a reading between -100 and 100.  

    Download December report

    Download ISI time series

    ISI Activity

    The activity represents the index components such that “buying” - “selling” will net to the ISI. Dotted lines represent the historical average for each component.

    *Historical average is April 2016 to present.

    December 2021

    Key Observations

  • Headline sentiment was -1.6 for the month of December, the 5th consecutive month of negative sentiment.
  • Monthly Gross Trading Activity has been consistently climbing from July to 32.0.
  • At the sector level, investors bought consumer defensive and financial services while selling out of consumer cyclicals and industrials.

    • The Addepar Investor Sentiment Index is a transactions-based index of high- and ultra-high-net-worth (U/HNW) investor sentiment derived from U.S. equity transactions captured on the Addepar platform. We define U/HNW as portfolios valued at more $10 million in total assets. For more information, contact us at investor-sentiment@addepar.com.

    This report is prepared by and proprietary to Addepar. The Index is being circulated for informational and educational purposes only. Recipients should review their own investment needs and objectives before making any investment decisions. The information contained herein may not be copied or distributed; and is not warranted to be accurate, complete or timely. Neither Addepar nor its content providers are responsible for any damages or losses arising from any use of this information.

    ISI Reading

    The index is calculated as the relative share of individual investors that are net buyers of U.S. equity securities versus those that are net sellers or net neutral in a monthly time frame producing a reading between -100 and 100.  

    Download November report

    Download ISI time series

    ISI Activity

    The activity represents the index components such that “buying” - “selling” will net to the ISI. Dotted lines represent the historical average for each component.

    *Historical average is April 2016 to present.

    November 2021

    Key Observations

  • Headline sentiment was modestly bearish at -1.9 for the month of November.
  • Buying and selling activity were both subdued relative to historical levels.
  • At the sector level, investors rotated into consumer cyclicals and out of technology.

    • The Addepar Investor Sentiment Index is a transactions-based index of high- and ultra-high-net-worth (U/HNW) investor sentiment derived from U.S. equity transactions captured on the Addepar platform. We define U/HNW as portfolios valued at more $10 million in total assets. For more information, contact us at investor-sentiment@addepar.com.

    This report is prepared by and proprietary to Addepar. The Index is being circulated for informational and educational purposes only. Recipients should review their own investment needs and objectives before making any investment decisions. The information contained herein may not be copied or distributed; and is not warranted to be accurate, complete or timely. Neither Addepar nor its content providers are responsible for any damages or losses arising from any use of this information.

    ISI Reading

    The index is calculated as the relative share of individual investors that are net buyers of U.S. equity securities versus those that are net sellers or net neutral in a monthly time frame producing a reading between -100 and 100.  

    Download October report

    Download ISI time series

    ISI Activity

    The activity represents the index components such that “buying” - “selling” will net to the ISI. Dotted lines represent the historical average for each component.

    *Historical average is April 2016 to present.

    October 2021

    Key Observations

  • Headline sentiment was neutral at -0.1 for the month of October.
  • Selling activity offset buying activity at levels that were low relative to historical activity.
  • At the sector level, investors rotated into consumer cyclical, consumer defensive, and industrials while roating out of communication services and technology.

    • The Addepar Investor Sentiment Index is a transactions-based index of high- and ultra-high-net-worth (U/HNW) investor sentiment derived from U.S. equity transactions captured on the Addepar platform. We define U/HNW as portfolios valued at more $10 million in total assets. For more information, contact us at investor-sentiment@addepar.com.

    This report is prepared by and proprietary to Addepar. The Index is being circulated for informational and educational purposes only. Recipients should review their own investment needs and objectives before making any investment decisions. The information contained herein may not be copied or distributed; and is not warranted to be accurate, complete or timely. Neither Addepar nor its content providers are responsible for any damages or losses arising from any use of this information.

    ISI Reading

    The index is calculated as the relative share of individual investors that are net buyers of U.S. equity securities versus those that are net sellers or net neutral in a monthly time frame producing a reading between -100 and 100.  

    Download September report

    Download ISI time series

    ISI Activity

    The activity represents the index components such that “buying” - “selling” will net to the ISI. Dotted lines represent the historical average for each component.

    *Historical average is April 2016 to present.

    September 2021

    Key Observations

  • Headline sentiment was -3.2 for the month of September, the 6th consecutive month of negative sentiment.
  • The modestly bearish read can be attributed to continued reduced buying activity relative to historical averages.
  • At the sector level, investors bought basic materials and energy while selling communication services and financial services.

    • The Addepar Investor Sentiment Index is a transactions-based index of high- and ultra-high-net-worth (U/HNW) investor sentiment derived from U.S. equity transactions captured on the Addepar platform. We define U/HNW as portfolios valued at more $10 million in total assets. For more information, contact us at investor-sentiment@addepar.com.

    This report is prepared by and proprietary to Addepar. The Index is being circulated for informational and educational purposes only. Recipients should review their own investment needs and objectives before making any investment decisions. The information contained herein may not be copied or distributed; and is not warranted to be accurate, complete or timely. Neither Addepar nor its content providers are responsible for any damages or losses arising from any use of this information.

    ISI Reading

    The index is calculated as the relative share of individual investors that are net buyers of U.S. equity securities versus those that are net sellers or net neutral in a monthly time frame producing a reading between -100 and 100.  

    Download August report

    Download ISI time series

    ISI Activity

    The activity represents the index components such that “buying” - “selling” will net to the ISI. Dotted lines represent the historical average for each component.

    *Historical average is April 2016 to present.

    August 2021

    Key Observations

  • Headline sentiment was - 7.4 for the month of August, the 5th consecutive month of negative sentiment.
  • The solid bearish read can be attributed to reduced buying activity which was approximately half its historical average.
  • At the sector level, investors sold healthcare, communications and basic materials.
  • Gross trading activity, a measure of volume, was within its historical range after hitting its lowest point ever in July.

    • The Addepar Investor Sentiment Index is a transactions-based index of high- and ultra-high-net-worth (U/HNW) investor sentiment derived from U.S. equity transactions captured on the Addepar platform. We define U/HNW as portfolios valued at more $10 million in total assets. For more information, contact us at investor-sentiment@addepar.com.

    This report is prepared by and proprietary to Addepar. The Index is being circulated for informational and educational purposes only. Recipients should review their own investment needs and objectives before making any investment decisions. The information contained herein may not be copied or distributed; and is not warranted to be accurate, complete or timely. Neither Addepar nor its content providers are responsible for any damages or losses arising from any use of this information.

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    Resources

    How we created the index

    A closer look at the index

    All quiet on the sentiment front

    Approaching Bear Market Territory

    When Growth Decelerates

    Panic Sell-off?

    Day-of-the-Week Effect

    Introducing the Daily ISI

    Consumer Sectors and Inflation

    The Bulls Return

    Death of the Reflation Trade?

    Coming out of Pandemic Mode

    Bullish on utilities and energy

    Bearish on domestic, bullish on international

    Consumers and the real economy

    Investors bullish on consumers

    Entering bubble territory?

    Shifting sector views

    The year of the pandemic

    Portfolio trading activity

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    Addepar is committed to the following governing principles when creating and publishing analytic content derived from data on the Addepar platform.

    Addepar adheres to leading industry data security and privacy practices. 

    All analyses are limited to the purpose of creation

    As a company that provides technology for the aggregation and management of financial data, we take the security and privacy of client information very seriously. In order to perform analyses on aggregated platform data, there must be a legitimate reason that results in a specific analytic product. 

    We protect the confidentiality of our clients and all investors on our platform.

    Protecting the information entrusted to us is our topmost priority. Our analytic products are built through three principal methodologies, (1) aggregation, (2) anonymization and (3) minimum sample sizes.

    We impose technical, administrative, and contractual measures to ensure that individual firms or investors are not identifiable through overrepresentation in any published analysis. All analyses are reviewed to assure there is no exposure of identifiable information, holdings, or actions of any individual firm or investor.

    Data is not used or shared unless adequate, relevant and necessary to perform analyses.

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