🟢 [E2048] BofA shows long-only managers still notably underweight Energy after sharp oil rally, rotating out of Materials, cutting gold length. Value factors remain most under-owned. US Regime Indicator improved towards Recovery (supportive for Value, Small, High-Risk) yet active funds still underweight cheapest deciles. Top 5 positions at ~33% of AUM but active share rising as 60% of stocks beat index YTD. Equal-weight S&P attracted ~9 weeks inflows (~$15B), outperforming by 4pp, still trading >1 std dev cheap. Cyclicals vs defensives near all-time lows.