Accessible version Global Fund Manager Survey The Sixth Sense BofA October Global Fund Manager Survey Bottom Line: heading into midterms, FOMC & Q3 earnings, investors remain bullish on macro & markets, running low 3.9% cash levels, waiting for ~6% yields before flipping from stocks to bonds; relative to FMS positioning, big consumer +ve drop in oil to <$80/bbl = the Q4 bull surprise, AI capex cut = the bear surprise. On Macro: "boom" optimism highest since Feb'22, inflation expectations lowest since Jan'25 ...