Bank of America’s September 2026 monthly survey of 170 to 190 fund managers overseeing approximately $470 billion to $512 billion in assets shows that concerns about a disorderly rise in bond yields have become the top tail risk, cited by 33% of respondents versus 27% in August. Meanwhile, AI bubble concerns have receded to 28%, down from 32% the previous month. Managers have reduced their net equity overweight positions to 49%, from 56%, and carry their bond underweight at -48%, a record level since May 2022. Investment in hyperscaler capital expenditure remains a source of nervousness, with 42% of respondents viewing it as a potential systemic credit risk.
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