The Nasdaq Composite has risen 36 per cent this year, and the S&P 500 has advanced more than 27 per cent, in line with what Bank of America calls “super-bullish sentiment” among global fund managers.
In its December survey of these sophisticated investors, BofA strategist Michael Hartnett said fund managers are holding a record-low allocation to cash and a record-high allocation to US stocks.
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Timothy Moore writes on equities, commodities and monetary policy. He writes Before the Bell and contributes to the Markets Live blog. Connect with Timothy on Twitter. Email Timothy at timothy.moore@afr.com
