Fund Manager Survey: Most See AI As A Bubble, Are Done With Massive CapEx Spending, And Love EMs In 2026

Back in February, right before stocks tumbled, the BofA Fund Manager Survey (FMS) found that they had never been more bullish. Then, two months later, just as stocks bottomed ahead of the biggest equity rally in history, the same Fund Manager Survey found that professional investors are record bearish.

2 months ago, Fund Managers were record bullish; now they are record bearish.