Ucits funds ramped up macro trades in latest data
Counterparty Radar: FX forwards and rate swaps set records last year, with inflation and index CDS books also booming
European Ucits funds sharply expanded their use of foreign exchange and rates derivatives in the second half of 2025, while credit books tilted further towards broader, more bullish index positions.
Notional grew rapidly across four of the five instruments tracked by Risk.net’s Counterparty Radar database – FX forwards, interest rate swaps, inflation swaps, index CDSs and single-name CDSs – with
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@risk.net
More on Counterparty Radar
Cuts and points – how the Dealer Rankings work
Dealer Rankings 2026: We have a simple way to compare dealers. Sort of simple, anyway
On buy side, equity index options tilted bullish in Q1
Counterparty Radar: Share of notional in short positions hit new low for US life insurers; mutual funds also reported smaller short books
Goldman gobbles up credit options
Counterparty Radar: Q1 surge comes as US mutual funds and life insurers pile into index CDSs
US buy side flocked to FX forwards and options in Q1
Counterparty Radar: Pimco led $187 billion rise in forwards notional among funds, while TIAA drove insurer activity
US funds become fixed-rate payers in swap market
Counterparty Radar: Since 2021, receiver swaps have dominated US mutual fund positions; in the latest data, the sector’s book flips round
MSIM retools renminbi options wager
Counterparty Radar: US manager rebuilds USD/CNH call book to $15.7bn with strikes closer to spot and cheaper premiums
How Pimco, Capital Group funds bet on falling US rates
Counterparty Radar: Inflation hedge would soften impact for Capital Group; Pimco’s swaptions structures targeted modest decline
SocGen FX forwards trading rockets with US fund managers
Counterparty Radar: Surge in French bank’s FX forward volumes propels it to second spot in Q1 2026
