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Investors have made the biggest-ever move away from US stocks, according to Bank of America’s latest survey. Fund managers now report being 23% underweight in US stocks—a massive 40 percentage point drop from the previous survey.
This sharp turnaround shows rapidly falling confidence in American markets after the S&P 500 fell about 8% from its February high point. BofA strategist Michael Hartnett explained it simply: “Peak US exceptionalism is reflected in record rotation out of US stocks.” The survey, which included 171 participants managing $426 billion and was conducted March 7-13, reveals investors are worried about high US stock prices and slow economic growth.
At the same time, European markets are gaining popularity, especially as Germany plans to spend billions on defense and infrastructure. Investment in eurozone stocks is now at its highest since 2021, while US stock investment has dropped to its lowest level since June 2023.
