The Bank of America September Global Fund Manager Survey shows that investor sentiment is no longer extremely bearish, but not yet bullish, with a global equity allocation at a 17-month high and cash levels up to 4.9%. There has been a dramatic shift in relative exposure, with a record jump in US equities and a record fall in emerging market equities as China growth optimism declines back to "lockdown lows". The BofA Bull & Bull Indicator has increased to 4.1. Investors are divided on whether the economic outcome will be a soft or no landing, with 74% saying so, and 75% expecting short rates to fall. There is a consensus to avoid China, with no investors expecting stronger growth. Japan is the most popular country to invest in, with the biggest overweight position since December 2018. Investors are also focused on quality, with 77% saying so, and US tech is the most crowded trade, with 55% saying so. While 53% of investors are pessimistic about global growth, only 21% believe it will result in a hard landing.
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