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BofA Survey Shows Biggest-Ever Drop in US Stock Allocations
”(Bloomberg) -- Investors have slashed holdings of US equities by the most on record, according to Bank of America Corp.’s latest survey, underscoring the massive rotation that’s underway in global markets. Fund managers reported being about 23% underweight in US stocks — a plunge of 40 percentage points from the previous survey.”
”In another marker of investor caution, cash levels have risen to 4.1% from 3.5%, the biggest jump since 2020, according to the survey. Traditionally defensive plays, such as consumer staples, also registered an increase in allocations, while tech had a sharp decline.”
