BofA survey: Fund managers call time on bear market

No V-shaped recovery

The majority of fund managers have called time on 2020's brief bear market as 58% now believe we have entered the a bull market, according to the latest global fund manager survey from Bank of America (BofA).

Almost half (49%) of investors have also rotated from recession claims, believing macro to be in early-cycle phase as opposed to 37% who still believe we are in recession. Investors most bullish since February as they shun 'bear market rally' fears - BofA survey A V-shaped recovery is still out of favour, with only 20% predicting one, as 61% still prefer the U- or W- shaped recovery, although managers still show doubt on the sustainability of the upturn with 51% preferring balance sheet discipline as opposed to 37% vying for an increased capex. Cash levels among managers also rose fro...