Los gestores llevan su apuesta por la Bolsa a máximos en cinco años

In the latest survey conducted by Bank of America in the first weeks of August, it is revealed that the inclination towards the stock market has reached its highest level in nearly five years. A staggering 56% of fund managers are overweight in the stock market, the highest percentage since November 2021, according to the survey of 203 fund managers with a total asset base of $581 billion.

This shift in sentiment suggests that major international investors are continuing to load up on variable income funds, while portfolio liquidity approaches historic lows. The cash cushion in fund portfolios is at an all-time low of 3.5%, according to the most recent data, and is below the 4% threshold that would trigger a sell signal from Bank of America.

Despite the high uncertainty plaguing markets in 2026, fund managers remain optimistic about the trajectory of the global economy and corporate profits, leading to the highest level of bullishness in the stock market in five years. While the optimism about GDP growth is not accompanied by an improvement in fund managers' expectations regarding inflation, which remains a significant risk in the coming months.

The favorite investments of fund managers, or the most frequently mentioned, are semiconductor stocks and short-selling the Japanese yen, which have displaced the strong preference for the seven "magnificent seven" stocks over months of clear dominance. In terms of portfolio rotation, fund managers have increased their investments in higher-risk assets in recent weeks, with a general trend of greater investment in the stock market and a reduction in fixed-income positions.

Energy and commodities have seen increased investments, while exposure to industrial and utility stocks has been reduced.

Emerging markets, technology, and banking are the largest positions in the variable income portfolios of institutional investors. Fixed income and British equities are undervalued. The potential bursting of an AI bubble remains the biggest tail risk for markets, according to fund managers. Despite this, 71% of fund managers believe that the large technology firms will not reduce their investment in artificial intelligence this year.