BofA's latest Fund Manager Survey reveals the most aggressive risk rotation since 2013. Money is sprinting up the risk curve:

• Global growth outlook: +33 point surge to +23% (July 2021 high)
• US growth expectations: +50 point leap to +28%
• Small-cap rotation: Massive 29-point swing to 35% overweight
• Risk appetite metrics: Highest since pre-COVID
• Capital flight from defensive sectors to cyclicals
• Value stocks seeing largest inflows since 2020
• Micro-caps and high-beta names experiencing record buying pressure

Institutional investors are abandoning safety plays and aggressively rotating into higher-beta, smaller-cap names. This risk-seeking behavior typically marks major market regime changes.

https://www.swissinfo.ch/eng/wall-streets-trump-trades-keep-powering-ahead%3A-markets-wrap/88081608