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Title: August 2024 Bank of America Global Fund Manager Survey 1/ In August 2024, investor sentiment took a defensive turn, driven by growing concerns over the global economic outlook. According to the Bank of America Global Fund Manager Survey, which polled 220 participants managing $590 billion in assets, there was a marked shift towards caution, reflected in reduced allocations to equities and increased cash holdings, with sentiment among fund managers falling to a seven-month low.
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2/ Only 31% of respondents were overweight in stocks, a significant drop from 51% in July, while cash levels rose to 4.3% of assets under management, up from 4.1% the previous month. This shift was largely attributed to weak U.S. payroll data for July and the volatility shock following the rebound in the Japanese yen.
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3/ The survey revealed a sharp decline in global growth expectations, with a net 47% of respondents now anticipating a weaker global economy over the next 12 months, a significant drop from the net 27% in July.
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4/ Despite this pessimistic outlook, a substantial 76% of respondents still expect a "soft landing" for the global economy, which refers to a gradual slowdown rather than a severe recession.
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5/ This optimism is closely tied to expectations for lower interest rates, as 93% of respondents believe short-term rates will be lower in a year's time, marking the highest level of consensus on this point in the past 24 years.
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