Recently released findings from the monthly BoAML Global Fund Manager Survey (FMS) suggest that although investors are yet to reach fear territory deep enough to affect allocations materially, “cracks in the bull case” are emerging.1 The main concerns have been highlighted as growing risks of global trade war, stagflation, and leverage according to survey responses. In line with these risk factors, allocations and sentiment show a more defensive approach.
Trade War Concerns overtake Inflation in Tail Risk Assessment
The findings from the March 2018 fund...
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