The January 2026 Bank of America Global Fund Manager Survey (FMS) reported a significant "re-acceleration in risk appetite," pushing sentiment to levels last observed in mid-2021.
- The Bull & Bear Indicator rose sharply, reaching a 9.4 "hyper-bull" reading.
- This optimism was fueled by cash levels falling to a record low of 3.2% of assets under management.
- Nearly half (49%) of managers now view a "no landing" economic scenario as the base case, reflecting increased complacency and unusually low levels of risk protection.