The BofA FMS Survey refers to Bank of America’s Fund Manager Survey which is a widely followed monthly report that captures the views and positions of global fund managers on key market topics. Here’s the latest findings:
- Net 61% expect the Dollar to deprecitate in the next 12 months
- Allocation to US equities falls 53% points in 2 months (a record 2-month decline)
- Allocation to US equities dropped to net 36% underweight (most since May 2023)
- Investors allocation to global equities at net 17% underweight (most since July 2023)
- Cash level up to 4.8%, up 125 bps since February 2023 (largest 2-month increase since April 2020)
- 73% respondents say US exceptionalism theme has peaked
- 49% respondents say “long gold” most crowded trade
- 82% respondents say global economy to weaken (a 30-year high)
- 42% say recession is likely
- Record number of global investors intend to reduce allocations to US stocks
We can see some consensus trades here:
- Short USD
- “Short” US equities
- Short global growth
This article was written by Giuseppe Dellamotta at www.forexlive.com.
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