BofA_Global Fund Manager Survey Bulls go Global-240319

AccessibleversionGlobalFundManagerSurveyBullsgoGlobalBofAMarchGlobalFundManagerSurvey19March2024BottomLine:globalgrowthexpectationsforFundManagerSurvey(FMS)respondentsInvestmentStrategyata2-yearhighasrecessionrisksdissipate;FMS"riskappetite"highestsinceNov'21;Globalstockallocationat2-yearhigh;bigrotationintoEurope,EM,financials;cashlevelsupatadto4.4%leavingBofABull&BearIndicatorat6.5…bullishbutnotyetextremebullish.MichaelHartnettInvestmentStrategistOnMacro:2/3ofrespondentssayrecession"unlikely"innext12months;"soft"landingBofASremainsconsensusat62%probability,while23%say"no"landing(was5%inOct'23)+16468551508and11%say"hard"landing(was30%);EPSoptimismat2-yearhighandinvestordesiremichael.hartnett@bofa.comforcompaniestoreturncashtoshareholdershighestsinceJul'15.ElyasGalou>>InvestmentStrategistOnRates,Risks&Crowds:84%expectshortratestodeclinenext12months,40%BofASE(France)expectlowerbondyields(was62%inDec'23);"inflation"seenas#1tailrisk;"long+33187700087Magnificent7"=#1mostcrowdedtrade;askedifAIinbubble45%sayno,40%sayyes.elyas.galou@bofa.comAnyaShelekhinOnAA:biggestjumpinallocationtoEMstockssinceApr'17,toEUstockssinceJun'20,InvestmentStrategistrotationintofinancials,atexpenseofUS,tech&consumerdiscretionary(cutbymostBofASsinceMay’15);riskappetitealsoexpressedviapreferenceforlowdividendstocks+16468553753highestsince...