ab 17 June 2026 Global Research China Equity Strategy Crowding and unwinding: Logic, features, current status and outlook The logic behind and three noteworthy features of crowding and unwinding We view crowding as the result of asset managers' views, rather than an underlying cause. Significant upticks in a sector or theme's fundamentals or macro narratives attract sustained incremental inflow from certain types of funds, and rising share prices lead to notable excess returns on related fund products, thus ...