Among U.S. active manager positioning across fund types, market neutral hedge funds and growth mutual funds are the only overweight, according to a UBS global equity strategy report on tactical indicators. “Positioning is estimated using our proprietary database of around 900 mutual funds with assets under management of about $11T across U.S. equity mutual funds, asset allocation funds, as well as using hedge fund indices,” said strategist Sean Simonds. Market neutral hedge funds measured almost 2 z-score -- which describes the distance in terms of standard deviations from the mean value -- and growth mutual funds measured about 1.