Global Fund Manager Survey

The July BofA Global Fund Manager Survey shows extreme investor optimism and a shift to 'no landing' economic expectations. The survey's proprietary 'Cash Rule' and 'Bull & Bear' indicators have now triggered sell signals, suggesting near-term risk for equity markets.

Key Takeaways

• 1.Investor sentiment is at its most bullish level since February 2026, driven by macro 'boom' expectations, AI capital expenditure, and a dovish Fed stance.
• 2.BofA Bull & Bear Indicator reached an extreme bullish reading of 9.4, signaling a recommendation to reduce equity and high-beta exposure.
• 3.Long global semiconductors remains the most crowded trade (82% of investors), while 'AI bubble' has emerged as the top perceived tail risk.

Table of Contents

• Charts of the Month
• FMS Investors on the Macro, Risks & AI
• FMS Asset Allocation
• Currencies extremes
• Investor Regional Equity Allocation
• Investor Sector Allocation
• Global survey demographics data
• Important Disclosures

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