The latest Bank of America Global Fund Manager Survey has gone extremely bullish. The bank’s Bull & Bear Indicator has climbed to 9.4, a “hyper‑bull” reading that the bank sees as a contrarian sell signal and a warning to add hedges rather than increase risk.
Average cash levels in the survey have dropped to 3.2%, an all‑time low in the BofA time series, while equity allocations are at their highest since late 2024.
That low level of cash indicates that there’s not a lot of fuel fora further rally.
Nearly half of managers report no protection against an equity selloff, the lowest level of hedging since 2018.
