Results from the Bank of America / Merrill Lynch monthly fund managers survey were released overnight. Some highlights (or lowlights depending on your perspective I suppose):
- Cash levels fell to 4.5% in January (from 5% prior, i.e. in December)Net 51% of managers were overweight equities in January (from a net 52% overweight prior)More than 2/3 of the investors surveyed said equities will outperform other major asset classes in 2015Net 24% of fund managers were overweight U.S. stocks in January (December 16%)
- “However, a net 75 percent say U.S. equities are overvalued – the highest reading since the question first appeared in 2001″Net 20% were overweight eurozone stocks this month (December 26% … December was a five-month high)Net 34% of managers were overweight Japanese stocks in January (40% in December)Net 24% were underweight UK equities … lowest since September 2011 (18% in December)Net 13% were underweight global emerging market equities (1% overweight in December)
More:
- Net 53% of managers were underweight bonds (59% underweight in December) “Lower bond yields have yet to entice asset allocators into fixed income”
…. errr, right OK then
- Net 24% of portfolio managers underweight commodities (net 26% underweight in December)
