The latest Bank of America (BofA) Global Fund Manager Survey reveals that fund manager cash levels have dropped to their lowest point since June 2021, currently at 4.0%, a three-year low. The survey highlights that 73% of respondents do not expect a recession in the US economy within the next 18 months, while only 8% foresee no Federal Reserve rate cuts in the next year. A majority of 53% of FMS investors still expect no recession for the US economy in the next 18 months. Investors are heavily overweight in stocks and have the most underweight bond positions since November 2022. European stocks have reached their highest overweight level since January 2022, and banks are the most overweight since February 2023. Overall, the sentiment among global fund managers is the most bullish it has been since November 2021.
Global FMS sentiment most bullish since Nov'21, driven by low FMS cash levels (4.0% = 3-year low) and big equity allocation BofA https://t.co/Omf2KebBbl
INVESTORS OVERWEIGHT STOCKS, MOST UNDERWEIGHT BONDS SINCE NOVEMBER 2022: BOFA FMS
EU STOCKS JUMPED TO BIGGEST OVERWEIGHT SINCE JAN 2022, MOST OVERWEIGHT BANKS SINCE FEB 2023: BOFA FMS
β οΈ BOFA JUNE FUND MANAGER SURVEY: "MOST BULLISH" SINCE NOV 2021 DRIVEN BY CASH LEVELS AT 3-YEAR LOW AND BIG EQUITY ALLOCATION **73% OF RESPONDENTS SAY NO RECESSION, JUST 8% SAY NO FED CUTS IN NEXT 12 MONTHS: BOFA FMS **INVESTORS OVERWEIGHT STOCKS, MOST UNDERWEIGHT BONDS SINCEβ¦
BofA Global FMS sentiment remains most bullish since Nov'21 https://t.co/6FD2U4wjqE
BofA Global FMS sentiment most bullish since Nov'21, driven by low FMS cash levels (4.0% = 3-year low) and big equity allocation https://t.co/VGDoETw2s5
"Majority of FMS investors (53%) still expect no recession for the US economy in the next 18 months." - BofA Global Fund Manager Survey https://t.co/M0w8jcDGSZ
Fund Manager cash allocations lowest since mid-2021 https://t.co/06RptBBSmO
Fund manager cash levels lowest since June 2021 https://t.co/ovsvR8wFEd