The March Bank of America Fund Manager Survey highlighted the big re-think ongoing over the crowded trade in Mag7 and US stocks in general.

I have some of the charts below but the themes are clear:

  • The US is out and the rest-of-the-world is in
  • a net 39% of respondents overweight European stocks, up from 12% last month-the highest level since mid-2021
  • Recession fears based on trade are high
  • Growth expectations are falling in the US
  • More than two thirds of respondents, or 68%, expect two or three rate cuts this year, up from 51% in February, the survey says.
FMS1
FMS2
3FMS
FMS5
FMS6
Source: Forex Live