BofA Fund Manager Survey Sell Signal Triggered

The May 2026 BofA Fund Manager Survey indicates a tactical 'sell signal' as cash levels plunged to 3.9% and equity allocations surged to multi-year highs. Investors are heavily crowded in semiconductors and tech, betting on a 'soft' or 'no landing' economic outcome.

Key Takeaways

• 1.The BofA Fund Manager Survey triggered a 'sell signal' as cash levels dropped to 3.9%, below the critical 4.0% threshold.
• 2.Equity allocation saw a record monthly jump, reaching its highest level since January 2022.
• 3.'Long global semiconductors' is currently the most crowded trade in history, cited by 73% of investors.

Table of Contents

• On Macro & Rates
• On Risk & Allocation
• All-in on risk-on
• FMS Contrarian Trades

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