2023-06-13 15:35:00
LONDON (Archyde.com) – Global fund manager allocations to equities fell to a five-month low, according to a Bank of America (BofA) survey released on Monday. The cash ratio fell to 5.1%, the lowest level in regarding a year and a half.
In a memo to investors, BofA strategists wrote that investor sentiment was “stubbornly low,” with fund managers reducing allocations to equities “despite bullish FOMO moves.” ” he pointed out.
The BofA said, “While sometimes raised by artificial intelligence (AI) ‘baby bubbles’, FOMO, technicals, etc., fundamentally, the asset allocation managers surveyed do not expect meaningful downside surprises in interest rates or meaningful growth rates. I’m saying we need a certain upward surprise,” he wrote.
Investors maintained their “overweight” on bonds.
Investors remained “long tech stocks” and shifted to healthcare and banking. On the other hand, it has reduced its exposure to commodities such as energy.
The most active trades in June were big tech longs and short Chinese stocks.
On a net basis, 87% of respondents expect the global consumer price index (CPI) to fall within the next year, up 3 percentage points from May.
The survey polled 285 fund managers with $764 billion in assets under management.
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