Fund managers increase bets on technology stocks, BofA survey finds
Global fund managers have increased their exposure to technology stocks, with positioning reaching its highest level in more than six years, according to a Bank of America (BofA) survey.
The survey found that 37 per cent of respondents were overweight technology stocks, up from 30 per cent in September. It was the highest reading since August 2020, based on responses from 161 participants overseeing $453 billion in assets.
Technology also recorded the largest overweight position of any sector, reflecting strong investor interest in the industry as artificial intelligence continues to attract corporate investment and market attention.
Pharmaceuticals and industrials followed, with 23 per cent and 22 per cent of fund managers overweight those sectors, respectively.
Consumer-focused sectors faced a different outlook. Some 34 per cent of respondents were underweight consumer discretionary stocks, the most negative positioning for the sector since the 2008 global financial crisis, according to the survey.
Consumer staples had the second-highest level of bearish positioning, with 32 per cent of managers underweight.
The results show a clear divide in how surveyed investors are allocating funds across sectors, favouring technology while taking a more cautious position on consumer-related businesses.
However, fund managers’ positioning reflects sentiment and portfolio choices at the time of the survey, rather than a guarantee of future market performance. Technology shares can remain sensitive to valuations, earnings expectations and changes in investor appetite, while consumer stocks may be affected by household spending and broader economic conditions.
The findings offer a snapshot of institutional investor sentiment, but do not represent the views of every investor or establish how these positions will perform in the months ahead.
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