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Investor Sentiment

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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

April 2021

March 2021

February 2021

January 2021

December 2020

November 2020

October 2020

September 2020

August 2020

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.

*Historical average is April 2016 to present.

April 2021

Key Observations

  • Headline sentiment turned modestly bearish with a read of -1.4 following a bullish read in March.
  • Aggregate buying activity ticked down 2.5 points while selling activity remained unchanged.
  • Investors remained very bullish on the consumer cyclical, consumer defensive, and industrials sectors.
  • Sentiment in the technology and financial services sectors turned very bearish and offset neutral to bullish sentiment in other sectors.

    • 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 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.

    *Historical average is April 2016 to present.

    March 2021

    Key Observations

  • Headline sentiment turned modestly bullish with a read of 1.0 following bearish reads in January and February.
  • The bullish sentiment can be attributed to increased buying and reduced selling activity.
  • Gross activity (buying% + selling %) remains relatively stable at 30.0 while market volatility continued to decrease in March.
  • Investors rotated into consumer defensive and consumer cyclical stocks while modestly rotating out of healthcare.
  • U.S. equity funds saw net inflows in March which is consistent with the ISI.

    • 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 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.

    *Historical average is April 2016 to present.

    February 2021

    Key Observations

  • Headline sentiment for February is -2.3 which follows a bearish January read.
  • Buying activity is low at 13.7 with more investors sitting on the sidelines in a choppy market.
  • Selling activity remains consistent with average historical levels.
  • Investors rotate out of Technology and Healthcare and into Real Estate and Consumer Cyclicals sectors.

    • 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 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.

    *Historical average is April 2016 to present.

    January 2021

    Key Observations

  • Following bullish sentiment in November and December, the January ISI read is bearish at -5.0.
  • Driving the negative read is primarily a 7 point drop in buying activity which registers at 13.6.
  • Investors are rotating into Energy and Consumer Cyclicals and out of the Technology sector.
  • While the ISI and U.S. equities are generally negatively correlated, we see U.S. equities modestly sell-off in January coupled with a negative ISI read.

    • 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 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 2020

    Key Observations

  • The 2.9 December ISI follows a positive November read which solidifies a trend towards "risk-on" sentiment after 7 months of bearish reads.
  • Driving the positive read was more than a 4 point increase in buying activity which registered at 20.2 this month.
  • Selling activity remains consistent with historical averages.
  • December activity is unseasonably low as many investors rebalance and tax-loss harvest portfolios during this time.
  • While the ISI and U.S. equities are generally negatively correlated, we see U.S. equities rally in December coupled with a positive ISI read.

    • 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 2020

    Key Observations

  • The 1.2 November ISI is the first positive read since the start of the pandemic, potentially signalling a thematic shift to risk-on sentiment.
  • Driving the positive read was more than a 2 point increase in buying activity which registered at 16.3 this month.
  • Selling activity decreased very slightly registering 15.2 in November.
  • While the ISI and U.S. equities are generally negatively correlated, we see a market rally coupled with a positive read. Meanwhile, U.S. fund flows data continues to show outflows.

    • 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 2020

    Key Observations

  • The October Investor Sentiment Index is modestly bearish with a read of -1.3, a near carbon copy of the previous month (-1.4).
  • Selling activity at 15.6 more than offset buying activity at 14.3 for this month's read.
  • Despite it being negative, the October read is the highest since March even as US Equity markets sold off in September and October.
  • Throughout the pandemic the sentiment index has been bearish (seven months in a row). However, early November data shows a surge in buying activity, potentially signaling the beginning of a shift to risk-on sentiment.

    • 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 2020

    Key Observations

  • The September Investor Sentiment Index is modestly bearish with a read of -1.4. It increased by 4 points month over month and is the highest read since April as the market declined from recent highs.
  • Perhaps the sign of returning bullish sentiment, the 4 point increase can be attributed to buying activity which increased from 10.3 to 14.4. Meanwhile selling activity remains flat month over month.
  • Still, the index has been negative six months in a row, the most consecutive negative reads since we started tracking the index.
  • While the index and fund flows have not been historically correlated, US equity funds flow continue to move in the same direction as the index with both showing negative readings for September.

    • 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 2020

    Key Observations

  • August continues to be an "instant replay" of previous pandemic months.
  • While the S&P 500 approaches its previous peak, the ISI continues to consistently show solid negative reads. There have now been 5 negative reads in a row, the most consecutive negative reads we've seen since tracking the index.
  • August buying activity (10.3) was depressed relative to the historical average, while selling activity (15.9) continued to be within the normal range. Said differently, on the margin investors are choosing to sit on the sidelines or sell over adding exposure.
  • While the ISI and fund flows have not been historically correlated, we note that U.S. equity fund flows data similarly shows consistent outflows since April. (Source: Morningstar and Lipper)

    • 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 sentiment index

    Investors bullish on consumers

    Entering bubble territory?

    Shifting sector views

    The year of the pandemic

    Portfolio trading activity

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