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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.