Sentiment Extra (Pro+)

Each month, BofA surveys 200–300 fund managers overseeing $400–500 billion in assets.
The real question: Do you fade the herd and treat their responses as a contrarian signal?

Or do you think they’re actually right this time?

The Gist of this months survey

• 5th most bearish survey in past 25 years
• Number of people expecting a recession jumped massively
• Massive increase in people expecting higher inflation
• Managers have rotated into all the defensive stuff: Bonds, Cash, Utilities, Healthcare, Consumer Staples

Here’s the full Bank of America fund manager survey

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