A bit of an ICYMI on this from Bank of America / Merrill Lynch monthly survey

In summary:

  • greater allocations to equities, Europe, industrials and banks
  • reduced out of bonds, REITs, utilities and staples
  • allocation to technology +4 points to net 25% overweight
  • global equities 10% overweight

Nevertheless

  • "Expectations of an earnings recession and debt deflation still dominate sentiment"
  • cash balance fell to 5.2% (from 5.6)
  • investor allocation to cash-2% to 41% …. net 41 per cent overweight & well above long-term average

Most crowded trades

  • long US Treasuries
  • long US technology stocks
  • long investment grade corporate bonds