Global fund managers have adopted a more defensive stance in August, as indicated by the S&P Global Investment Manager Index (IMI). The Risk Appetite Index has fallen to -10%, down from -5% in July, marking the third consecutive month of declining risk appetite and reaching a one-year low. Analysts note that investors are becoming increasingly cautious, reducing their risk exposure across most markets despite some stabilization in market indexes. This cautious behavior is evident in the ongoing reduction of open positions, leading to cleaner market positioning.