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2026-07-15 18:14:13
[Bank of America Fund Manager Survey Reveals Bullish Return, Cash Levels Plunge to Rock Bottom, AI and Easing Expectations Ignite Optimism] ⑴ Bank of America's July global fund manager survey shows that investor bullish sentiment has risen to its highest level since February, with the composite sentiment index based on cash levels, equity allocations, and global growth expectations climbing from 6.0 to 7.2. ⑵ The survey, conducted from July 2nd to 9th, revealed that respondents generally held high expectations for improved economic prospects, continued contributions from AI capital expenditures, and the Federal Reserve's dovish policy stance. These three factors collectively drove the recovery in risk appetite. ⑶ The proportion of cash in assets under management fell from 4.1% to approximately 3.6%, the lowest level since February 2026, reflecting that institutional funds are rapidly shifting from the sidelines to equity asset allocation. ⑷ Extremely low cash levels are generally seen as evidence of optimism, but they also mean reduced potential buying ammunition, potentially weakening the market's ability to buffer against negative news. (5) Overall, investor confidence in the macroeconomic fundamentals remains dominant, but with positions becoming more extreme, the future market direction will depend more on whether actual data can continue to validate the current optimistic assumptions.
