BofA global fund manager: shows allocation to U.S. stocks collapses

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LONDON (Reuters) - Fund managers' allocation to U.S. equities collapsed in January and a net 39% said they had an underweight position, the most since October 2005, a BofA survey of global investor views published on Tuesday showed.

Bank of America (NYSE:BAC)'s global Fund Manager Survey showed investors turned bullish on euro zone equities, flipping their allocation to a 4% net overweight position in January from a 10% net underweight in December.

Fund managers also moved into emerging market stocks, increasing their net overweight to 26%, the highest since June 2021.

The survey also showed yen appreciation expectations at their highest level since January 2007, the month before the Bank of Japan last raised its base interest rate. The BoJ meets on Wednesday and expectations have risen that the central bank could soon change its interest policy.

Global growth optimism hit a one-year high, while inflation expectations have peaked, according to the survey of fund managers who have combined assets under management of $772 billion.