BofA fund manager survey least bullish since Oct 2020, cash at 12-mth high

Finds investors are increasingly worried about global growth expectations, stagflation and China

The latest Bank of America (BofA) survey of fund managers found investors are increasingly worried about global growth expectations, stagflation and China.

The survey was the least bullish since October 2020 with cash levels jumping to a 12-month high and growth expectations weakest since April 2020. The survey, however, showed that the allocations to stock still remain very high.

A net six per cent (percentage of respondents expecting the economy to weaken minus percentage of those expecting it to strengthen) expect global growth to weaken over the 12-months. Meanwhile, 15 per cent say profit growth will slow—worst margin outlook worst