One of my favorite reports is the Bank of America fund manager survey because it's one of the only clean looks at real money sentiment in equities.In
One of my favorite reports is the Bank of America fund manager survey because it’s one of the only clean looks at real money sentiment in equities.
In it, a record high 52% of respondents said they are underweight equities, while 62% are overweight cash.
BofA said sentiment is ‘super bearish’ among the 212 participants that manage $616 billion.
The largest underweight position is in European equities with 42% holding less than the benchmark.
Another sign is that the number of managers taking higher-than-normal risk is at a record low.
The most crowded trades, according to the survey, are long US dollars, long oil and commodities, long ESG assets, short US Treasuries, long growth stocks and long cash.
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