Investors’ optimism about global stock markets is spurring a rotation of money out of bonds and into equities and cyclical sectors, according to a closely watched survey of fund managers.
With many equity markets registering all-time and cyclical peaks already this year, optimism over stronger economic growth and expectations of rising inflation has in recent weeks pushed up bond yields.
Bank of America Merrill Lynch on Tuesday, in its latest monthly summary of market positioning, noted that allocation to equities has climbed to a two-year high, while money devoted to bonds has fallen to a four-year low. “Investors are the most overweight equities relative to government bonds since August 2014,’’ said the bank.
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