This is from Bank of America / Merrill Lynch's September Global Fund Manager Survey

The survey highlights:

Big 3 tail risks :

  • trade war (receding),
  • China slowdown (rising),
  • Quantitative Tightening (rising)

Big 3 crowded trades

  • long FAANG+BAT (receding) … Long FAANG+BAT (Facebook, Amazon, Apple, Netflix, Google + Baidu, Alibaba, Tencent) the most crowded trade for 8th straight month
  • short EM (rising),
  • long USD (rising)