30 days ago • Posted by William Ramstein
Investors load up on late cyclicals especially energy
BoA's fund manager survey shows cyclical consensus is late cyclical with lots of exposure to commodities, banks, materials, industrials, the UK, and emerging markets. Bonds, the USD, Cash, Technology and Utilities are no gos. In May, the survey also showed investors leaning on Staples, in what was the largest positional increase between Energy, REITs and Banks.
Source: BoA FMS May 2021