Asset managers most bullish in over two years, says BofA survey
2:58 am Tuesday, April 16th, 2024
LONDON (Reuters) – Investors have increased their allocations to stocks and commodities and dumped bonds, Bank of America’s monthly fund manager survey for April showed, which they said was the most bullish such survey since January 2022.
The survey showed the biggest jump in global growth optimism since May 2022, a record jump in allocation to commodities, and equity allocation at a 27-month high.
Cash levels fell to 4.2% of assets under management from 4.4% a month earlier, while investors were a net 14% underweight bonds, a 20-percentage point month-on-month drop, the most since July 2003.
The survey of 224 asset managers with $638 billion of assets under management was carried out between April 5 and 11.
(Reporting by Alun John; Editing by Amanda Cooper)
