BofA's latest Fund Manager Survey shows global investors who have been aggressively buying equities should consider cutting exposure. Strategists led by Michael Hartnett say asset allocators are extremely bullish: cash holdings fell to 3.6% of assets from 4.1% last month, and US equity allocations are the highest since Dec 2024 with a net overweight of 24%. BofA's bull‑bear indicator reads 9.4 on a 1–10 scale, prompting a recommendation to trim equities and high‑beta positions; the bank warns cr

BofA's latest Fund Manager Survey shows global investors who have been aggressively buying equities should consider cutting exposure. Strategists led by Michael Hartnett say asset allocators are extremely bullish: cash holdings fell to 3.6% of assets from 4.1% last month, and US equity allocations are the highest since Dec 2024 with a net overweight of 24%. BofA's bull‑bear indicator reads 9.4 on a 1–10 scale, prompting a recommendation to trim equities and high‑beta positions; the bank warns crowded positioning will limit further summer upside in risk assets.