Nearly 60% of surveyed private funds hold heavy equity positions over China’s National Day holiday

The survey's real signal is positioning, not sentiment: a large majority of private funds chose to carry heavy exposure through a multi-day market closure, meaning they accepted gap risk rather than trim into the holiday. That concentration matters because it leaves little room for de-risking if offshore markets move against them while domestic trading is shut, and it makes the post-holiday reopen the first real test of whether the 'pessimism is priced in' thesis holds. Whether that heavy positioning was rewarded or punished is the open question.