BofA strategists led by Michael Hartnett recommend curve steepeners, China, consumer cyclicals, chips, and commodities as best Q2 trades.
Their permanent portfolio, equally split across stocks, bonds, cash, commodities, posted a 26% YTD return, best year since 1933.
Global equity funds saw $25.9bn inflows week to Apr 22, with US stocks attracting $18bn and YTD equity inflows annualizing at $1 trillion.
Money market funds recorded $19.8bn outflows, while telecoms received $1.3bn inflow and crypto $1.7bn, indicating sector rotation.