Fund managers not buying a broad bull, remain underweight stocks with sentiment low

News Snapshot:

The pain trade for money managers is still a rally in stocks that would catch them flatfooted, according to the latest survey by BofA Securities. The June Global Fund Manager Survey of 285 panelists with $764B in assets under management found that respondents are still overall Underweight stocks (NYSEARCA:SPY) (QQQ) (DIA) (IWM) (IWB), although they are long tech (XLK) (XLY) (XLC). Fund managers are also long investment-grade bonds (LQD) by the most they've been in eight years. Cash levels (VMFXX) (SPAXX) are down to 5.1%, the lowest since January 2022, but exposure to commodities (DBC) is down to a three-year...