Fund managers’ allocation to U.S. equities collapsed in January, with 39% saying they had an underweight position, the most since October 2005, a BofA survey of global investor views on Tuesday showed.
Global growth optimism hit a one-year high, while inflation expectations have peaked, according to the global Fund Manager Survey of investors, who have combined assets under management of $772 billion.
The survey showed investors turned bullish on euro zone equities, flipping their allocation to a 4% net overweight in January from a 10% net underweight in December.
Fund managers also moved into emerging market stocks, increasing their net overweight to 26%, the highest since June 2021.
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