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BofA Fund Manager Survey Most Bullish Since Feb'20

GLOBAL MARKET/OPINION

Highlights of this month's Global Fund Manager survey from BofA:

  • This month's FMS was the most bullish since Feb'20, but BofA do not think positioning is dangerously bullish for now and cash levels are down to 4.6% but in a neutral range
  • Survey respondents say it's no longer a "bear market rally", and expect higher growth (the highest since Dec'09) as well as profits and inflation
  • On COVID, FMS respondents expect a COVID-19 vaccine announcement early Q1'21, and believe the US 10-year yield will be below 0.5% by year-end
  • Few are forecasting a V-shaped economic recovery, with many expecting 'W-shaped' or 'U-shaped'
  • Investors believe stocks, bonds and gold are the most overvalued since 2008
  • On equities, respondents say long US tech sector is the most crowded trade, then long gold
  • Top tail risks are COVID-19 second wave followed by US-China trade war & US election
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