BofA Global Fund Manager Survey – June 2026
Bank of America’s latest Global Fund Manager Survey indicates that investor sentiment has surged to near‑peak levels but has not yet crossed the historical threshold that signals a major market top. The Bull & Bear Indicator rose to 8.9 in June, which the bank classifies as a technical “sell” signal.
Cash positions among surveyed managers ticked up modestly, reaching 4.1% of portfolios, up from 3.9% in May. Investment strategist Michael Hartnett noted that this modest increase accompanies a broader shift toward caution.
Regarding expectations for U.S. monetary policy, 40% of fund managers now forecast at least one Federal Reserve rate hike within the next twelve months, the highest proportion since September 2022. A majority (55%) anticipate a “hawkish hold” from Fed Chair Kevin Warsh at the upcoming FOMC meeting.
Asset‑allocation adjustments show a noticeable pull‑back from risk assets: global equity overweights were trimmed from 50% to 38%, technology exposure fell from 33% to 26%, and the underweight stance on Europe expanded to its deepest level since December 2024. Conversely, managers added exposure to Japan, materials, and banking sectors, while deeming gold fairly valued for the first time since February 2024.
On the tail‑risk front, the survey ranked “second‑wave inflation” as the top concern (34% of respondents) followed by an “AI bubble” (28%). The most crowded trade identified was a long position in global semiconductors, cited by 80% of managers – an all‑time high in the survey’s history.
Looking ahead, BofA highlighted long bonds, European equities, and consumer stocks as the primary contrarian plays for the summer months.