Fund manager survey finds huge switch from cash to stocks
A “fear of missing out” triggered a huge switch by fund managers from cash into stocks, according to a survey conducted by Bank of America Merrill Lynch released on Tuesday.
The allocation to global equities climbed 20 percentage points month on month to net 21% overweight, the highest level in one year. “Investors are experiencing Fomo—the fear of missing out—which has prompted a wave of optimism and jump in exposure to equities and cyclicals,” said Michael Hartnett, chief investment strategist at BAML.
The Dow Jones Industrial Average DJIA, +0.04% on Monday registered its ninth record high of the year, and is up nearly 7% over three months.
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