Global Fund Manager Survey-A Hard Day’s Blight-240618

AccessibleversionGlobalFundManagerSurveyAHardDay’sBlightBofAJuneGlobalFundManagerSurvey18June2024Bottomline:GlobalFMSsentimentmostbullishsinceNov'21,drivenbylowFMScashInvestmentStrategylevels(4.0%=3-yearlow)andbigequityallocation;butglobalrisksentimentnotyetGlobalextreme…BofABull&BearIndicatorstaysat6.0.MichaelHartnettOnthemacro:investorsexpectglobalgrowthtobeunchangedinnext12months;73%InvestmentStrategistofrespondentssaynorecession;nolandingprobability(26%)haspeaked,softlandingBofAS(64%)firmlyconsensus,hardlandingexpectations(5%)atnewlows;CIOswantmorecapex+16468551508(mostsinceApr’22)&buybacks(mostsinceApr’15),betterbalancesheetsnotsomuch.michael.hartnett@bofa.comElyasGalou>>Onrates:just8%saynoFedcutsnext12months,8/10investorsexpect2,3ormoreInvestmentStrategistcuts,1stcutforecastonSept18th;biggestwinnerofreallocationfromMMFs:USstocksBofASE(France)32%,govtbonds25%,globalstocks19%,corpbonds12%,gold/commodities4%.+33187700087elyas.galou@bofa.comOntails,votes&crowds:longMagnificent7(69%)mostcrowdedtradesincelongUSAnyaShelekhintechinOct'20;higherinflation(32%)fadingasbiggesttailrisk,geopolitics(22%)&USInvestmentStrategistelection(16%)onrise;askedwhichpolicyareasmostimpactedbyUSelection…38%BofASsaidtrade,20%geopolitics,13%immigration,9%taxation,7%govtspending.+16468553753anya.shelekhin@bofa.comOnAA:InvestorsO...