Bank of America survey: Market sentiment remains extremely bullish, making it difficult for asset prices to rise in the first quarter

Gelonghui, February 17th｜According to Bank of America's "Global Fund Manager Survey," investor sentiment remains "extremely bullish." However, since almost everyone has already positioned for gains in the first quarter, it will be more difficult for asset prices to rise further in Q1. The strategist team led by Michael Hartnett at Bank of America pointed out: investors' overweight in commodities has risen to the highest level since May 2022, reaching a net 28%; overweight in stocks has climbed to the highest since December 2024, at a net 48%; underweight in bonds is at the highest since September 2022, at a net 40%; cash levels have only slightly rebounded from last month's record low of 3.2% to 3.4%.