BoAML monthly survey of fund managers, shows them embracing 'risk'
A bit of an ICYMI on this from Bank of America / Merrill Lynch monthly survey
- 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
- "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