PremiumThe S&P 500 extended its winning streak to a 9th consecutive week, gaining +1.4% to close out a robust May (+5.0%) - and is off to a solid start for a 10th consecutive week of gains, a streak unmatched since 1985 - as investors continue to navigate a "wall of worry" including geopolitical tensions, private credit risks, AI-induced labor shifts/impact on the US consumer, concentration/breadth, incoming supply worries – buoyed by exceptional earnings growth.In this context, according to Goldman's Prime Brokerage, Hedge Funds raised their nets further, now in the highest 1-year percentile, while Long Onlys mostly kept a neutral skew on the week. But Institutional activity felt quieter than the moves would suggest, pointing to other flow drivers to justify the unabated bid to new all-time highs.