US retail investors raise stock allocations to highest level since 2017
US retail investors increased their exposure to shares in September, with stock allocations reaching their highest level since December 2017, according to data from the American Association of Individual Investors (AAII) survey.
The allocation to stocks rose by 0.7 percentage points to 71.8 per cent, marking the second-highest reading since July 2000. Since April, the figure has climbed by 3.3 percentage points, its largest five-month increase since October 2025.
The September reading also matches the average allocation to stocks recorded since 1987, suggesting retail investors have returned to a level of equity exposure consistent with the long-term average, despite the recent rise.
At the same time, the allocation to cash fell by one percentage point to 13.3 per cent, its lowest level since December 2017. This suggests investors are holding a smaller share of their portfolios in cash as they increase their exposure to shares.
Bond allocations moved in the opposite direction, rising by 0.3 percentage points to 14.9 per cent. However, this remains below the long-term average of 15.9 per cent recorded since 1987.
The figures point to stronger appetite for equities among individual investors, alongside reduced cash holdings. However, portfolio allocation data alone does not establish whether investors expect further market gains, and it does not guarantee that stock prices will continue to rise.
The trend will be worth watching as investors weigh market valuations, economic conditions and the outlook for interest rates in the months ahead.
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