~200 Managers overseeing ~$600B AUM responded to this month’s BofA survey.
OUTLOOK:
SENTIMENT:
– Investor sentiment unambiguously bullish; 69% expect ‘above-trend’ growth and inflation, a record high.
-THE FIRST SIGNALS SHOW PEAK OPTIMISM ON GROWTH HAS BEEN DETECTED IN A BOFA MAY FUND MANAGER SURVEY.
POSITIONING:
-TECH STOCKS OVERWEIGHT AT 3-YEAR LOWS AS INVESTORS LOAD UP ON STOCKS IN BANKS AND RESOURCES SECTORS
MOST CROWDED TRADES:
BIGGEST TAIL RISKS:
BANK OF AMERICA COMMENTARY:
