Stocks Got $70 Billion Assist From Vol-Control Demand

If you're wondering how much support equities have potentially received from the vol-sensitive mechanical bid over the past three months, the answer is more than $70 billion. That's according to Nomura's estimates of demand from the vol-control universe, which has re-allocated back into stocks amid a decline in portfolio vol. Realized one-month is effectively 0%ile on a one-year lookback. Remember: Volatility is your exposure toggle, as Charlie McElligott is fond of saying. "This 'collapse