Global Fund Manager Survey

The May BofA Global Fund Manager Survey shows a surge in risk appetite with a record jump in equity allocation and a drop in cash to 3.9%, triggering a tactical sell signal.

Key Takeaways

• 1.FMS equity allocation saw a record monthly rise to 50% overweight, the highest since January 2022.
• 2.Average cash levels dropped from 4.3% to 3.9%, triggering a tactical 'sell signal' for global equities.
• 3.'Long global semiconductors' is considered the most crowded trade by 73% of investors, followed by 'Long Magnificent 7'.

Table of Contents

• Bottom Line
• On Macro & Rates
• On Risk & Allocation
• FMS Contrarian Trades
• Charts of the Month
• BofA Global FMS Rules & Tools
• Investors on Macro
• Investors on AI, Policy and Risks
• FMS Asset Allocation
• Currencies extremes
• Investor Regional Equity Allocation
• Investor Sector Allocation
• Global survey demographics data
• Disclosures

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