BofA Survey Shows Biggest-Ever Drop in US Stock Allocations
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Investors have slashed holdings of US equities by the most on record, according to Bank of America Corp.’s latest survey, underscoring the massive rotation that’s underway in global markets.
Fund managers reported being about 23% underweight in US stocks — a plunge of 40 percentage points from the previous survey. It’s a dramatic shift that shows how quickly traders have ditched their optimism about American markets with the S&P 500 tumbling some 8% from an all-time high in February.