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Home News Macro

BofA Fund Manager’s Survey – Aug 2024

by Team Lumida
August 14, 2024
in Macro
Reading Time: 9 mins read
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Bank of America surveys fund managers worldwide to gauge their outlook on the markets.

For August 2024 – 220 panelists with $590bn AUM participated in the August survey.

Join our telegram group to get commentary on these reports as soon as they release.

Key: FMS – Fund Manager Survey, OW – Overweight, UW – Underweight

Here are the Key Takeaways in Charts:

Jump to section

12. Net 29% of FMS investors expect profits to deteriorate in the next 12 months

  • 1. 47% Managers expect a weaker global economy in the next 12 month
  • 2. Investors raised cash levels to 4.3% from 4.1%
  • 3. Investor Sentiment drops to 7-month low
  • 4. 55% of FMS investors believe that global monetary policy is too restrictive
  • 5. 59% expect lower bond yields
  • 6. 93% of investors expect short-term rates to be lower in 12 months’
  • 7. 60% of FMS investors expect 4 or more rate cuts from the Fed
  • 8. FMS investors rotated into bonds vs out of stocks in August
  • 9. “Long Magnificent 7” the most crowded trade
  • 10. FMS net OW healthcare, tech & stocks vs UW REITs, consumer & materials
  • 11. 47% of investors expecting a weaker economy in the next 12 months
  • 12. Net 29% of FMS investors expect profits to deteriorate in the next 12 months
  • 13. FMS investor allocation to equities is the lowest since Jan’24.
  • 14. FMS investors are the most overweight bonds since Dec’23.
  • 15. FMS investors have raised cash allocation in the past 2 months
  • 16. August saw FMS investors increasing allocation to healthcare and staples

In August, the % of FMS investors turned net negative on global profit expectations for the 1st time in 6 months, a 31ppt MoM drop (biggest monthly drop since Mar’22)

Jump to section

12. Net 29% of FMS investors expect profits to deteriorate in the next 12 months

  • 1. 47% Managers expect a weaker global economy in the next 12 month
  • 2. Investors raised cash levels to 4.3% from 4.1%
  • 3. Investor Sentiment drops to 7-month low
  • 4. 55% of FMS investors believe that global monetary policy is too restrictive
  • 5. 59% expect lower bond yields
  • 6. 93% of investors expect short-term rates to be lower in 12 months’
  • 7. 60% of FMS investors expect 4 or more rate cuts from the Fed
  • 8. FMS investors rotated into bonds vs out of stocks in August
  • 9. “Long Magnificent 7” the most crowded trade
  • 10. FMS net OW healthcare, tech & stocks vs UW REITs, consumer & materials
  • 11. 47% of investors expecting a weaker economy in the next 12 months
  • 12. Net 29% of FMS investors expect profits to deteriorate in the next 12 months
  • 13. FMS investor allocation to equities is the lowest since Jan’24.
  • 14. FMS investors are the most overweight bonds since Dec’23.
  • 15. FMS investors have raised cash allocation in the past 2 months
  • 16. August saw FMS investors increasing allocation to healthcare and staples
Page 12 of 16
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Source: Bank Of America
Tags: Fund Manager SurveyMacro
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Lumida's website (referred to herein as the "Website") is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of the Website on the Internet should not be construed by any client and/or prospective client Lumida’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet.

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