"FMS investors' allocation to global equities has risen from net 12% underweight to net 32% overweight since Aug’19", BofA's Michael Hartnett writes, in the January edition of the bank's closely-watched Global Fund Manager Survey.
That, he goes on to say, is "the biggest jump in equity positioning since 2011". This month, a total of 249 panelists who together control some $740 billion in AUM participated in the poll.
The good news for those of you brave enough to hang around as stocks scale ever higher peaks, is that equity positioning in the survey is "still below [the] net 50% OW level consistent with prior market tops".
Asked "When do you expect equity markets to peak", the weighted average response was in the third quarter of this year.
In terms of levels, those surveyed see upside to 3,400, which Hartnett notes is "up from 3022 in Dec’18 and the highest since the question was first asked in Jun’18".
If you're wondering how that stacks up to Wall Street, the average year-end target is 3,355 and the median is 3,400.
Tuesday seems like a good time to take stock (figuratively and literally) of where everyone stands, given that, for the first time si
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