Morgan Stanley: This past week, US L/S hedge funds added to both gross and net risk on the week per the MS PB Content team – weighted gross is now back to the 97th %ile since 2010 while net leverage is up to 53%, the 65th %ile since 2010 and the highest since Aug 2018. This is the first time US L/S gross and net have both been this elevated simultaneously in 2 years.