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Fund managers most underweight on US stocks since 2005: Bank of America survey
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Fund managers' allocation to U.S. equities "collapsed" in January to the lowest level since 2005, with 39% saying they are underweight, according to a Bank of America survey published on Tuesday.
Participants in the global fund manager survey said they were "a lot less bearish" than compared to the final quarter of 2022, pushing them to invest in more emerging markets, Europe and cyclical stocks. Allocations to eurozone equities jumped to a 4% net overweight in January compared to a 10% net underweight in December.
European shares have outperformed their U.S. peers since the fourth quarter of 2022 as China has loosened its strict COVID-19 restrictions and as natural gas prices plunged.
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