BofA Global Fund Manager Survey

BofA - Global Fund Manager Survey earch_media%40b...

BofA - Global Fund Manager Survey earch_media%40b...

Global Fund Manager Survey Racing the Frontier  15 September 2026 | Investment Strategy | Global

Key takeaways • Investor conviction on macro boom & AI capex still strong, but risks of disorderly bonds and DEM midterm sweep rising • FMS cash jumps to 3.9% as excess bullishness fading...safe to increase risk exposure when cash back in 4-5% neutral zone • Contrarian trades: long UK stocks, staples, small cap, short US stocks, banks, large cap

Notes to Readers Source for all tables and charts: BofA Fund Manager Survey, DataStream Survey period September 4th to 10th, 2026 190 panellists with $512bn AUM participated in the survey. 170 participants with $470bn AUM responded to the Global FMS questions and 87 participants with $211bn AUM responded to the Regional FMS questions.

How to join the FMS panel Investors/clients are encouraged to sign up to participate in the Survey. This can be done by contacting Michael Hartnett subject=Join%20FMS%20Panel) or your BofA sales representative. Participants in the survey will continue to receive the full set of monthly results but only for the relevant month in which they participate. OW: overweight; UW: underweight AA: asset allocation

BofA September Global Fund Manager Survey Bottom Line: Sept BofA Global FMS shows investor conviction on macro boom & fast-paced AI capex still strong; but risks of disorderly bonds and DEM midterm sweep rising; FMS cash jumps from 3.5% to 3.9% as excess bullishness, which stymied summer risk upside, now fading…when cash back in 4-5% neutral zone, safe to increase risk exposure.

On Macro & Profits: net 8% predict acceleration of already-strong global growth; 55% predict "no landing" for economy, 38% "soſt," 2% "hard"; most investors since Aug'21 predicting double-digit EPS growth next 12 months; investors macro/EPS bulls, sole worry is companies over-investing (record net 33% say so).

On Policy & Politics: Fed seen as behind-curve…first time since Sep'22 investors expect flatter yield curve; just 16% of investors say Bessent bond buybacks will reduce Treasury yields; most likely midterm result seen as DEM House/GOP Senate (44%) but DEM sweep odds rising (31%); most likely reaction to DEM sweep = "yields up/stocks down" (45%).

On Crowds, Risks & Events: most crowded trade = "long global semiconductors" (53%), biggest tail risk = "disorderly rise in bond yields" (33% vs. Aug 27%), most likely source of credit event = "AI hyperscaler capex" (42% vs. Aug 38%).

On AA: FMS investors trim OWs in stocks & commodities, maintain big UW in bonds; Sept rotation into healthcare, industrials, and banks (most OW since