Hedge Funds Most Short Ultra-Long Treasury Futures Since 1Q20
... but BULLISH EVERYWHERE ELSE on curve
From the terminal, noting “Hedge Funds Bearish on Long End” where leveraged funds are highlighted (green line) below:
Leveraged funds were bearish long-end Treasury futures in the week ended Nov. 16, but bullish everywhere else on the curve. They increased net-short positions in ultra-long (WN) futures to the highest level since March 2020. Levered funds increased classic bond (US) net-shorts for the fifth week in a row. At the front end, these funds are the most net long two-year (TU) futures since May 5, 2015, potentially indicating more short basis trades (short cash, long futures).
EMPHASIS mine. For more on terminal: {NSN R2Z4R7T1UM10 <GO>} and switching lanes a bit, from leveraged to speculators (often interchangeable), an overall DV01 look at the evil specs (showing some continued short covering: