Investors haven't been this low since the great financial crisis, BofA survey says — and that could be good news — via financialpost Investors financialcrisis
Bank of America strategists created a stir this week when their widely followed global fund managers’ survey flashed “full capitulation.”
Investors say the biggest “tail risks” are inflation staying high , a global recession and hawkish central banks . Systemic credit events, the Russian-Ukraine conflict, civil unrest and a COVID-19 resurgence were also on the risk radar. BofA’s survey says cash levels as a percentage of a portfolio have surged to 6.1%, the highest since October 2001, while investor allocation to stocks plunged to the lowest since October 2008. A net 58% of fund managers say they are taking lower than normal risks, another record high for the survey, surpassing the financial crisis and Lehman levels.
Stock funds have seen US$181 billion in net inflows in 2022; bond funds, US$206 billion of outflows, said a BofA note last week, citing EPFR Global data.
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