From the BOA Merrill Lynch monthly fund survey, conducted August 7 to 13 & released in the US overnight (via MNI)

  • 41% of portfolio mangers overweight global equities (was 42% in the July survey and 38% in June)
  • 59% underweight bonds (60% underweight in July, 58% in June)
  • Record net underweight in commodities ... with a net 28% underweight global commodities in August (vs. 22% in July & 11% underweight in June)
  • Net 14% were underweight U.S. equities in August (7% underweight in July, 10% underweight in June)
  • 14% underweight UK equities (July 13%, June 14%)
  • 47% overweight eurozone stocks (40% in July, 46% in June)
  • 40% overweight Japanese equities in August (net 37% overweight in July, 40% in June)

Emerging markets .... global investors now record underweight:

  • 32% underweight in August, which is higher than during the China debt scare in March 2014, & the post Lehman bankruptcy peak seen in December 2008

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Interesting on the emerging markets & commodities. Who's gonna put on a contrarian hat and go against the doom and gloom consensus?