BofA Global Fund Manager's Survey

On AA: Asked what 10-year Treasury yield would cause allocators to shift from stocks to bonds...37% say 6.0%, 19% already shifting, 14% say 6.5% (Chart 1); Oct sees biggest bond short-cover in past year, equity longs dip from net 49% to 44%; biggest tech overweight since Aug'20, biggest cut to bank longs since Mar'23, most underweight consumer discretionary since Jul'08.