Global investors ending 2021 'risk-on' - BofA
FILE PHOTO: A street sign, Wall Street, is seen outside New York Stock Exchange (NYSE) in New York City, New York, U.S., January 3, 2019. REUTERS/Shannon Stapleton
MILAN : Investors are heading towards the end of the year in a "risk-on" mood, having reduced cash allocations and lifted their overweight position on U.S. stocks to the highest since August 2013, BofA Securities' monthly fund manager survey showed.
Inflation remains the biggest tail risk for markets but a majority of 61per cent believes it is transitory and expect the Federal Reserve to remain "well behind the curve" in setting its monetary policy, the U.S. investment bank added on Tuesday.
Cash allocations fell to 4.4per cent in November from 4.7per cent in the previous survey last month. It also said "long Tech Stocks" was the most crowded trade at 37per cent followed by Bitcoin at 21per cent which a 59per cent majority thinks is in a bubble.
(Reporting by Danilo Masoni; Editing by Saikat Chatterjee)
