Investors made the “biggest ever” cut to their US equity allocations in March, as President Donald Trump’s erratic trade war sparked fears over the US economy and prompted a heavy Wall Street sell-off.
Allocations to US equities plunged 40 percentage points, from 17 per cent overweight in February to net underweight 23 per cent in March, according to Bank of America’s closely watched survey of fund managers. Over the same period, allocations to Eurozone stocks leapt to the highest level since July 2021.
According to BofA analysts, stagflation fears, the global trade war and an end of US exceptionalism have driven a “bull crash” in sentiment.
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