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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

October 2021

September 2021

August 2021

July 2021

June 2021

May 2021

April 2021

March 2021

February 2021

January 2021

December 2020

November 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 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.

    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

    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.

    July 2021

    Key Observations

  • Headline sentiment was -1.9 for the month of June, the fourth consecutive month of negative sentiment.
  • Gross activity (buying % + selling %) was 23.4, a low level even for the typically quiet summer months.
  • At the sector level, investors bought energy and consumer cyclicals while selling industrials and consumer defensive.
  • While the index and fund flows have not been historically correlated, U.S. equity fund flows were negative for 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.

    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.

    *Historical average is April 2016 to present.

    June 2021

    Key Observations

  • Headline sentiment was -2.7 for the month of June, a near carbon copy of May.
  • The bearish read is attributed to continued depressed buying activity at 11.6.
  • Selling activity remained essentially unchanged at 14.3.
  • At the sector level, investors bought energy and consumer cyclicals while selling financial services and healthcare.

    • 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 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.

    *Historical average is April 2016 to present.

    May 2021

    Key Observations

  • Headline sentiment remained modestly bearish in May with a read of -2.9 while the market traded sideways.
  • The negative read can be attributed to depressed buying activity, at 11.6, relative to historical levels.
  • Selling activity remained unchanged at 14.5.
  • Investors rotated into the communications and consumer cyclical sectors while rotating out of the financial services and industrial 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 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.

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    Resources

    How we created the index

    A closer look at the index

    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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