should be closer to phono stage (btw, my AQ LeoPard has signal arrows on cable's outer shielding).
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I guess your Leopard is RCA terminated on both ends? Mine is DIN plug terminated on the source end, and the DBS pack is on the downstream end near the RCAs - the pack would be difficult to manage where it so close to a tonearm. Not sure if they'd change the pack location depending on terminations.
Their RCA/XLR interconnects have the packs located upstream (near the source), but their speaker cables have the packs downstream!
If you don't find arrows on the sheathing, you're best off giving Audioquest a call or email. They've been extremely friendly and helpful in my experience.