Global Fund Manager Survey

Latest edition · July 14, 2026

BofA Global Fund Manager Survey Pain trades: duration, dividend, defensives

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.

Investors are increasingly bullish, with cash levels falling to 3.6% and growth expectations at a 5-month high. Despite optimism regarding AI capex and a lack of 'hard landing' fears, consensus positioning is signaling over-extension, evidenced by the BofA Bull & Bear Indicator at 9.4. Notable portfolio rotations include increased allocation to US equities, healthcare, and industrials, while reducing exposure to UK equities, commodities, and energy.

Key takeaways from the latest edition

• 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.

What this series covers

• 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

Edition archive

• BofA Global Fund Manager Survey Pain trades: duration, dividend, defensives

  July 14, 2026

• BofA Global Fund Manager Survey The Frozen Bulls 20260616

  June 16, 2026

• BofA Global Fund Manager Survey

  May 21, 2026

• BofA- Hartnett- Global Fund Manager Survey In It to Win It 20260519

  May 19, 2026