For the contrarians, fund manager’s are bearish

This week’s Bank of America survey highlights include,

Fund managers are “super bearish” with average allocations to cash at the highest since 2001, with 62% being overweight cash;

A net 42% of global investors are underweight European equities, the largest such position on record;

A historically high 52% of respondents said they are underweight equities;

Of the polled 212 investors overseeing $616 billion in assets from Sept. 2-8, said 72% of those surveyed said they expected a weaker economy next year, and the most crowded trade was long U.S. dollar.

https://www.bloomberg.com/news/articles/2022-09-13/bofa-survey-shows-nadir-in-stock-allocations-amid-recession-fear?sref=qLOW1ygh

September 14, 2022

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