BoFA Investor Poll: Biggest Tech Underweight Since August 2006


A U.S. one hundred dollar bill and Japanese 10,000 yen bills are seen in this photo in Tokyo, February 28, 2013. REUTERS/Shohei Miyano/File Photo

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LONDON, Feb 15 (Reuters) – Investors increased their underweight position in the technology sector to its highest level in more than 15 years, with central bank tightening remaining the main risk for global markets in 2022, according to a monthly survey of fund managers by BoFA Securities.

Cash allocations hit their highest level since May 2020, according to the U.S. investment bank which surveyed 363 investors holding more than $1 trillion in assets between Feb. 4 and Feb. 10.

Despite hawkish central banks, with inflation and asset bubbles being the top three market concerns, only 30% of investors expect a bear market in equities in 2022. Tensions between Russia and Ukraine are the fifth greatest “tail risk” for the markets.

However, 41% of investors expect a flatter yield curve, the highest since February 2005, while long tech stocks remain the most crowded trade, according to the February edition of the survey.

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Reporting by Saikat Chatterjee; Editing by Danilo Masoni

Our standards: The Thomson Reuters Trust Principles.


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