Fund managers are no longer ‘apocalyptically bearish’: B. of A. survey
Fund managers are no longer “apocalyptically bearish,” Bank of America strategists said after their latest poll.
Cash levels slipped to 5.7% from 6.1%, though they’re still well above the long-term average of 4.8%. The net underweight in stocks fell to -26% from -44%, and investors moved back into tech and discretionary stocks and out of staples and utilities. For the first time since August 2020, the net percent that think growth stocks will outperform value over the 12 months turned positive.
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