Per Morgan Stanley
3 observations from Morgan Stanley:

1. Positioning is now lighter than even 2015 / 2016, and most cases since 2008.

2. $450B of equity has left Mutual Funds and ETFs into money markets this year.

2. Exposure-wise, L/S HF nets are < 5th %-ile, while Systematic leverage is in the 20-30th %-ile.