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Lucas
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Title: Key Takeaways From September 2024 Bank of America Global Fund Manager Survey. - FED rate cuts has boosted fund managers sentiment for the first time since June, according to a global survey by Bank of America Corp.
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Lucas
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- Fund managers see a 79% chance of a soft landing as rate cuts support the economy.
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Lucas
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- The survey indicated that economy-linked — or so-called cyclical — stocks are likely to benefit from a bigger rate cut on a tactical basis. For now, investors prefer sectors that are considered bond proxies, with exposure to utilities hitting the highest since 2008.
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Lucas
@lucas79
- Tech stocks have the smallest overweight since April 2023.
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Lucas
@lucas79
- Biggest tail risks: US recession (40%), geopolitical conflict (19%), accelerating inflation (18%), systemic credit event (8%), US election “sweep” (6%) and AI bubble (5%).
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Lucas
@lucas79
- The "long Magnificent 7" trade remains the most crowded trade for the 18th consecutive month. However, it has become less crowded compared to previous months, with 46% of investors holding this trade in September, down from 53% in August. Additionally, 19% of participants now consider "short China equities" as the most crowded trade, up from 15% in August (it is understandable due to expectations for Chinese growth are at a three-year low).
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