Investors remain overweight cash and underweight equities, but a combined index measuring expectations for growth, cash allocations and equities rose to a one-year high.
The survey reflects a broad rise in share prices. The MSCI World Index of all countries hit a nine-month high on February 2, though it has since dipped a bit.
Analysts say these moves were largely driven by hopes that major economies would avoid a recession while inflation would continue to slow, particularly in the United States, allowing the Federal Reserve to be less aggressive on policy. monetary.
“Investors (from the fund manager survey) remain pessimistic in February, but to a lesser extent, with all key confidence measures improving (month-on-month) and with a repositioning highlighting stronger risk appetite “BofA analysts said in a note.
According to the survey, the percentage of investors who are overweight emerging market equities rose 51 percentage points between November 2022 and February, marking the biggest increase in three months.