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esources and hedge fund positioning has probably moved faster still, we do not believe that positioning has completely turned around. Looking at both the Fund Manager Survey and our own internal data we think there are still legacy underweights in cyclical areas and legacy overweights in defensives, particularly quality d
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Donald Trump
PersonPresident of the United States (2017–2021, 2025–present)

United States
LocationCountry located primarily in North America
Pierce, Fenner & Smith Incorporated
Organization
Merrill Lynch Global Wealth Management
OrganizationInvestment management and financial planning service

Merrill Lynch
OrganizationAmerican investing and wealth management division of Bank of America
The Financial Service Board
OrganizationMerrill Lynch International
OrganizationMerrill Lynch Equities (Australia) Limited
Organizationthe Australian Securities and Investments Commission
Organizationthe Hong Kong Securities and Futures Commission
OrganizationMerrill Lynch Canada Inc
Organizationthe Investment Industry Regulatory Organization of Canada
OrganizationMerrill Lynch Mexico
Organizationthe Comisidn Nacional Bancaria y de Valores
OrganizationMerrill Lynch Argentina SA
Organization
Comisién Nacional de Valores
OrganizationUruguayan football club based in Montevideo, Uruguay

the Financial Services Agency
OrganizationMerrill Lynch International Incorporated
OrganizationMerrill Lynch Securities (Taiwan) Ltd.
Organizationthe Securities and Futures Bureau
Organization