Market Note

Who is the smart money now?

Non-professional individual investors have often been perceived as less sophisticated than career financial professionals. Typically, the trading behaviors of these individual investors act as contrarian indicators, as their decisions are often influenced by less concrete fundamental factors.

Quant Equity funds are struggling

As quant portfolio adjust their risk-taking levels to manage through the adverse market conditions, their trading flows are exacerbating already stretched price movements against consensus fundamental equity exposures.

EU M&A Deal Break Alert

UniCredit withdrew its proposed acquisition of Banco BPM in July 2025, citing failure to secure the required government “golden power” authorization, which is a special authority that allows the Italian government to impose conditions or veto major deals on national interest grounds.

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