The first quarter of 2024 is coming to an end. Goldman Sachs warned in its latest report that US pension funds may sell US stocks for 32 billion US dollars (about 230 billion yuan) to rebalance their positions. This will be the biggest rebalancing position adjustment since June 2023. Currently, Wall Street's predictions on the scale of pension sales vary widely, but the large-scale sell-off is the consensus. UBS's estimate is the most pessimistic: the current sell-off of US pensions could reach 50 billion US dollars (about 360 billion yuan). It should be explained that pension funds usually have strict asset allocation limits, and use the end of the month and quarter to review exposure to positions. By the latest close, since 2024, the S&P 500 index has accumulated a cumulative increase of more than 10%, while global bonds have fallen by about 2%. This means that pension funds may need to sell more shares than usual to balance equity and debt allocation. (Broker China)