美银-全球基金经理调查：现金激增但股票未遭抛售-Global Fund Manager Survey：Cash surge but no equity capitulation-20260317

Accessibleversion

GlobalFundManagerSurvey

Cashsurgebutnoequitycapitulation

BofAGOBARESEARCHBofASE

hlit

w】wu：es

BofAMarchGlobalFundManagerSurvey

BottomLine:MarchFMSturnsbearishasIran&privatecreditconcernsend“frothy

bull”sentimentofrecentmonths;growthoptimismtanksandcashlevelssurgeto4.2%(contrarianFMScash“sellsignal”over),FMSbearishenoughtoselloil>$100/bbl,sellDXY>100,buyGT30at5%,buySPX6600;thatsaid,BofApositioningmetricsfarfromuber-bearlevelsseenatrecentbiglows/goodentrypointsforstocks&credit(Table1).OnMacro:globalgrowthoptimismslumpstonet7%from39%,inflationexpectationsjumptonet45%from9%,ratecutoptimismlowestsinceFeb’23;butnoonepricinginrecession…probabilityofhardlandingjust5%(vs.46%nolanding,44%softlanding).OnRisk:geopolitics&inflationreplaceAIbubbleasbiggesttailrisks,and63%say

privateequity/creditmostlikelysourceofsystemiccreditevent;mostcrowdedFMStrades=longgold&longglobalsemis;mostlikelyresultforUSmidterms=DEM

House/GOPSenate(54%),butinvestorprobabilityofDEMsweep(28%)ontherise.OnAssetAllocation:Marchrotationfrom“boom”(e.g.,banks)to“stagflation”(e.g.,staples);morebroadly,US$short-coveringhasbeenmodest,investorsarelong

commodities(mostsinceApr'22),andretainbigOWinequities,especiallyEM(mostsinceFeb’21),Japan(mostsinceMay'24),banks,industrials,insharpcontrasttoabigshortinconsumerdiscretionarystocks(mostUWsinceDec'22).

ContrarianTrades:longbonds-shortcommodities,longUK-shortEM,longconsumer-shortindustrials;FMSalsosayslightlyheldMag7,consumerandChinastockssetto

outperformthestillheavilyownedEM,Japan,semis,banksandindustrialsinanendofUS-Iranwarrallyincomingweeks.

Table1:MarchFMSbearish…butpositioningdatanotatuber-bearlevelsofpriorbiglowsBofATradingRules&ToolsinMar’26vs.atBigLowsofpast15years

Today

LiberationDayApr'25

Russia-

Ukraine

Feb/Mar'22

COVID

Mar'20

USdebt

downgrade

Aug'11

BofAGlobalFMSCashRule

4.3%

4.8%

5.9%

5.9%

5.2%

BofAFMSEquityAllocation

37%

-17%

4%

-27%

-7%

BofAGlobalFlowTradingRule

-0.1%

-1.7%

-1.4%

-4.2%

-3.0%

BofAGlobalBreadthRule

7%

-77%

-71%

-100%

-100%

BofABull&BearIndicator

8.5

3.4

1.8

0.0

0.0

Source:BofAGlobalFundManagerSurvey

BofAGLOBALRESEARCH

Tradingideasandinvestmentstrategiesdiscussedhereinmaygiverisetosignificantriskandarenotsuitableforallinvestors.Investorsshouldhaveexperienceinrelevantmarketsandthefinancialresourcestoabsorbanylossesarisingfromapplyingtheseideasorstrategies.

BofASecuritiesdoesandseekstodobusinesswithissuerscoveredinitsresearch

reports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictof

interestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.

Refertoimportantdisclosuresonpage26to28.12948282

Timestamp:17March202612:30AMEDT

17March2026

InvestmentStrategyGlobal

BofA

Data

Analytics

MichaelHartnett

InvestmentStrategistBofAS

+16468551508

michael.hartnett@

AnyaShelekhin

InvestmentStrategistBofAS

+16468553753

anya.shelekhin@

Myung-JeeJung

InvestmentStrategistBofAS

+16468550389

myung-jee.jung@

JessicaGuo

InvestmentStrategistBofAS

+16468550033

jessica.guo@

NotestoReaders

Sourceforalltablesandcharts:BofAFundManagerSurvey,

DataStream

SurveyperiodMar6th-12th,2026

210panellistswith$589bnAUM

participatedintheMarchsurvey.181participantswith$529bnAUM

respondedtotheGlobalFMS

questionsand103participantswith$243bnAUMrespondedtothe

RegionalFMSquestions.

HowtojointheFMSpanel

Investors/clientsareencouragedtosignuptoparticipateintheSurvey.Thiscanbedonebycontacting

MichaelHartnett

oryourBofAsalesrepresentative.

Participantsinthesurveywillcontinuetoreceivethefullsetofmonthly

resultsbutonlyfortherelevantmonthinwhichtheyparticipate.

OW:overweight;UW:underweight

AA:assetallocation

BofAGLOBALRESEARCH

2GlobalFundManagerSurvey|17March2026

ChartsoftheMonth

Chart1:BofAGlobalFMSinvestorsentimentfallsto6-monthlow

PercentilerankofFMSgrowthexpectations,cashlevels,andequityallocation

Source:BofAGlobalFundManagerSurvey

BofAGLOBALRESEARCH

IntheMarch2026BofAGlobalFundManagerSurvey,ourbroadestmeasureofFMS

sentiment,basedoncashlevels,equity

allocation,andglobalgrowthexpectations,

droppedsharplyfrom8.2to5.6,a6-month

low,butstillwellabovetheApr’25“LiberationDay”lowof1.8.

Chart2:Sharpdropinglobalgrowthexpectations

Net%expectingstrongerglobaleconomyvsS&P500YoY%(RHS)

Source:BofAGlobalFundManagerSurvey

BofAGLOBALRESEARCH

Globalgrowthexpectationsdroppedsharply,withjust7%expectingastrongerglobal

economy,downfrom39%inFeb’26.

Chart3:FMScashlevelsjumpto4.3%from3.4%...biggestmonthlyincreasesinceCOVIDBofAFMSaveragecashlevel(%ofAUM)

H

Source:BofAGlobalFundManagerSurvey

BofAGLOBALRESEARC

BofAFMScashlevelsjumpedsharplyfrom3.4%lastmonth(and3.2%recordlowin

January)to4.3%inMarch,thebiggestjumpsinceMarch2020.

CashlevelsareaninputintotheBofABull&BearIndicator,whichisdownto8.5from8.7.

Bull&BearIndicatortriggeredacontrarian“sell”signalinDecember.

GlobalFundManagerSurvey|17March20263

Chart4:46%say"nolanding,"44%say"softlanding,"just5%say"hardlanding"Whatisthemostlikelyoutcomefortheglobaleconomyinthenext12months?

Source:BofAGlobalFundManagerSurvey,Bloomberg

BofAGLOBALRESEARCH

46%ofFMSinvestorssee“nolanding”asthemostlikelyoutcomefortheglobaleconomy,whileanother44%expecta“softlanding.”

“Nolanding”hasbeentheconsensusamongFMSinvestorsforthreemonthsinarownow.

WhileinvestorsaremorebearishonglobalgrowthinMarch,theprobabilityofa“hard”landingisstillaverylow5%.

Chart5:Short-termrateexpectationscatchingupwithrisinginflationoutlookNet%expectinghigherglobalCPIandnet%expectinghighershort-termrates

H

Source:BofAGlobalFundManagerSurvey

BofAGLOBALRESEARC

OurMarchsurveyshowsthefirsthitofasecondwavehigherininflation

expectations…net45%expecthigherglobalCPIinthenext12months(upfrom9%a

monthago).

HigherCPIexpectationsaredrivingarisein

rateexpectations…net17%ofinvestorsexpectlowershort-termrates(from46%amonth

ago,and78%inAug’25)…lowestsinceFeb’23.

Chart6:FMSinvestorspullbackonexpectationsforyieldcurvesteepeningNet%FMSexpectyieldcurvestosteepen

Source:BofAGlobalFundManagerSurvey,Bloomberg

BofAGLOBALRESEARCH

Therehasbeenacyclicalpeakinexpectationsforasteeperyieldcurve…net56%expectthe3mo-10yryieldcurvetosteepen,downsharplyfrom80%amonthago.

BofAGLOBALRESEARCH

4GlobalFundManagerSurvey|17March2026

Chart7:51%ofFMSinvestorssayAIstocksnotinabubbleDoyouthinkAIstocksareinabubble?

Source:BofAGlobalFundManagerSurvey.

BofAGLOBALRESEARCH

Chart8:AIexpectedtohavegreatestimpactoncorporateprofitexpansionviaproductivityOverthenext12months,onwhichofthefollowingwillAIhavethegreatestimpact?

gy.

Source:BofAGlobalFundManaerSurve

BofAGLOBALRESEARCH

AskedifAIstocksareinabubble,51%ofFMSinvestorssaidno,while38%saidyes.

FMSinvestorsexpectAItohavethebiggestimpactoncorporateprofitsviahigher

productivity(27%),followedcloselyby

commodityinflationviaAIbuildout(26%).

Another22%believeAI’sgreatestimpactwillbeonlabormarketdeflation,viahigher

unemployment.

Chart9:Overinvestingconcernsdownfromlastmonth's20-yearhighNet%saycompaniesareoverinvesting(toomuchcapex)

Source:BofAGlobalFundManagerSurvey.

BofAGLOBALRESEARCH

Net22%ofFMSinvestorsbelievecompaniesareoverinvesting(toomuchcapex),downfromarecordhighof33%lastmonth.

ConcernsoverAIhyperscalersoverspendingoncapexhaveeasedinthepastfewweeks.

GlobalFundManagerSurvey|17March20265

Chart10:Record63%sayprivateequity/privatecreditismostlikelysourceofacrediteventWhatisthemostlikelysourceofasystemiccreditevent?

Source:BofAGlobalFundManagerSurvey.

BofAGLOBALRESEARCH

Askedwhatisthemostlikelysourceofa

systemiccreditevent,FMSinvestorssaid

privateequity/privatecredit(63%),forthe8thmonthinarow.

Chart11:Geopoliticalconflictsurgesto#1biggesttailriskinMarchWhatdoyouconsiderthebiggest'tailrisk'?

H

Source:BofAGlobalFundManagerSurvey

BofAGLOBALRESEARC

Chart12:FMSinvestorsexpectpriceofBrentoiltoend2026at$76/bbl

Inwhichofthefollowingrangesdoyouexpectthepriceofoiltotradeinbyyear-end2026?

Source:BofAGlobalFundManagerSurvey

BofAGLOBALRESEARCH

Askedforthebiggest‘tailrisk,’37%ofFMSinvestorssaidgeopoliticalconflict,upsharplyfrom14%amonthago.

Lastmonth,thebiggesttailriskperFMSinvestorswas“AIbubble”(nowjust10%).

AskedaboutBrentoilbyyearend,just11%expectthepricetobeover$90/bbl(Brentcurrently$102/bbl).

Theweightedaveragepriceforoilexpectationsis$76/bblbyyearend.

BofAGLOBALRESEARCH

6GlobalFundManagerSurvey|17March2026

Chart13:CreditdefaultriskconcernsrosetothehighestlevelsinceApr'25FMSmetricsofcreditdefaultrisk,

showedearlydeteriorationstartinginmid-2007aheadoftheGFC,signallingfinancialsystemconcernswereontherise.

InMar’26,FMSmeasureofcreditdefaultriskrosesharply(net46%sayriskisabovenormal,upfrom17%)tohighestsinceApr’25.

BofAFMSratingofpotentialcreditdefaultrisktofinancialmarketstabilitycounterpartyrisk,andliquidityconditions

Source:BofAGlobalFundManagerSurvey.

BofAGLOBALRESEARCH

Chart14:Investorconcernsovercounterpartyriskarestillwellbelowpre-GFClevelsBofAFMSratingofpotentialcounterpartyrisktofinancialmarketstability

H

Source:BofAGlobalFundManagerSurvey

BofAGLOBALRESEARC

FMScounterpartyriskisuponlyslightly…13%saycounterpartyriskisabovenormallevels,from7%lastmonth.

Chart15:Net47%ofFMSinvestorssayliquidityconditionsarepositiveNet%ofFMSrateliquidityconditionsaspositive

Source:BofAGlobalFundManagerSurvey

BofAGLOBALRESEARCH

Net47%sayliquidityconditionsarepositive,downfrompeak66%twomonthsago,andthelowestlevelsinceMay’25.Thatsaid,most

marketparticipantsperceiveampleliquidityconditions.

BofAGLOBALRESEARCH

GlobalFundManagerSurvey|17March20267

Chart16:USmidtermsoutcome=DemocraticHouse,RepublicanSenateWhatoutcomedoyouexpectfromthe2026USmidtermelection?

Source:BofAGlobalFundManagerSurvey.

BofAGLOBALRESEARCH

Askedaboutthemostlikelyoutcomeforthe2026USmidtermelections(currently

RepublicansholdmajorityinbothUSHouseandSenate),FMSinvestorsbelieveitwillbeaDemocraticHouse&RepublicanSenate(per54%).

Note28%nowexpecta“bluewave”

(DemocraticHouse&DemocraticSenate),upfrom11%justtwomonthsago.

Chart17:"Longgold"and"longglobalsemiconductors"seenasmostcrowdedtradesWhatdoyouthinkiscurrentlythemostcrowdedtrade?

Source:BofAGlobalFundManagerSurvey

BofAGLOBALRESEARCH

Chart18:FMSinvestorshavebeenconsistentlyunderweighttheUS$sinceApr’25Net%FMSoverweighttheUS$

H

Source:BofAGlobalFundManagerSurvey

BofAGLOBALRESEARC

ThetwomostcrowdedtradesinMarchwere“longgold”(35%)andlongglobal

semiconductors(35%).

Just9%ofFMSrespondentssaidthemostcrowdedtradewas“longMagnificent7”…downfrompeak54%inDecember.

Net24%ofFMSinvestorsareunderweighttheUSdollar,albeitlessthanlastmonth’s28%.

InJun’25,FMSallocationhitalowofnet31%underweight.

8GlobalFundManagerSurvey|17March2026

Chart19:FMSmostoverweightcommoditiessinceApr'22Net%overweightcommodities

Source:BofAGlobalFundManagerSurvey

BofAGLOBALRESEARCH

InMarch,FMSinvestorswere34%netoverweightcommodities,themostsinceApr'22.

Chart20:AllocationtoemergingmarketequitieshighestsinceFeb'21Net%overweightemergingmarketequities

InMarch,net53%wereoverweightemergingmarketequities,thehighestsinceFeb’21.

Source:BofAGlobalFundManagerSurvey

BofAGLOBALRESEARCH

Chart21:BiggestUWtoconsumerdiscretionarysinceDec’22Net%overweightconsumerdiscretionary

Source:BofAGlobalFundManagerSurvey

BofAGLOBALRESEARCH

InMarch,net27%ofFMSinvestorswereunderweightconsumerdiscretionary,thelowestallocationsinceDec'22.

BofAGLOBALRESEARCH

GlobalFundManagerSurvey|17March20269

Chart22:Marchrotationoutofdiscretionary,EUstocks,banksvsintoJapan,healthcare,cashMonthlychangeinFMSinvestorpositioning

Source:BofAGlobalFundManagerSurvey

BofAGLOBALRESEARCH

ThischartshowsMarch'smonthlychangesinFMSinvestorallocation.

InvestorsincreasedallocationtoJapan,healthcare,andcash…

…andreducedallocationtodiscretionary,EUstocks,andbanks.

Chart23:FMSmostOWEM,healthcare,equitiesvsmostUWbonds,discretionary,US$FMSabsolutepositioning(net%overweight)

Source:BofAGlobalFundManagerSurvey

BofAGLOBALRESEARCH

ThischartshowsabsoluteFMSinvestorpositioning(net%overweight).

InMarch,investorsaremostoverweightEM,healthcare,equities,andcommoditiesvs.mostunderweightbonds,consumerdiscretionary,

andUSdollar.

Chart24:Relativetohistory,FMSOWcommodities,Euro,EMvsUWUS$,discretionary,REITsFMSpositioningvshistory(z-score)

Source:BofAGlobalFundManagerSurvey

BofAGLOBALRESEARCH

ThischartshowsFMSinvestorpositioningrelativetotheaveragelong-termpositioning(past~20years).

Relativetohistory,investorsareoverweightcommodities,Euro,EM,andhealthcare…

…andunderweighttheUSdollar,discretionary,andREITs.

BofAGLOBALRESEARCH

10GlobalFundManagerSurvey|17March2026

Chart25:EvolutionofGlobalFMS“biggesttailrisk”HistoryofGlobalFMS“biggesttailrisk”answers

Source:BofAGlobalFundManagerSurvey

BofAGLOBALRESEARCH

•Thischartshowsthefullhistoryofthebiggest“tailrisk”formarketsfromBofA’smonthlyGlobalFundManagerSurvey.

•Thedominantconcernsofinvestorssince2011havebeenEurozonedebt,Chinesegrowth,populism,quantitativetightening&tradewars,globalcoronavirus,inflation,andcentralbankratehikes;US$debasement,AIbubble,andgeopolitics.

•Thetoptailriskis“geopoliticalconflict”(per37%)inMarch.

GlobalFundManagerSurvey|17March202611

Chart26:EvolutionofGlobalFMS“mostcrowdedtrade”HistoryofGlobalFMS“mostcrowdedtrade”answers

Feb-26Oct-25Jun-25Feb-25Oct-24Jun-24Feb-24Oct-23Jun-23Feb-23Oct-22Jun-22Feb-22Oct-21Jun-21Feb-21Oct-20Jun-20Feb-20Oct-19Jun-19Feb-19Oct-18Jun-18Feb-18Oct-17Jun-17Feb-17Oct-16Jun-16Feb-16Oct-15Jun-15Feb-15Oct-14

LongUS$ShortEMEquities

——ShortEMEquities

Longgold

LonggoldLongMagnificent7

ShortUSdollarLongMagnificent7

Longgold

LongEuropeanequitiLengChinaequities

LongCommodities

Longcrypto

LongUSgrowthstocks

LongUSgrowthstocks

ShortEuropeanequities

LongUS$

ShortVolinliycrypngFAANG+BAT

Longcrypto

LongbigTech

Longcrypto

LongCash

LongEM

0%10%20%30%40%50%60%70%80%

Longgold

LongMag7

Longgold

Long

Magnificent7

LongUS$

Longoil

LongUStech

LongNasdaq

LongUS$

LongQualityStocks

LongUS$

90%

Source:BofAGlobalFundManagerSurvey

BofAGLOBALRESEARCH

•Thischartshowsthefullhistoryofthemost“crowdedtrade”accordingtoBofA’smonthlyGlobalFundManagerSurvey.

•Themarketleadershiphasbeenrelativelynarrowsince2013,shiftingfromhigh

yieldingdebt;longUS$;longQuality;longTech;longEmergingMarkets;longUS

Treasuries,longUStech&growthstocks,longBitcoin,longcommodities,longtech,longcommodities,longUSdollar,longMagnificentSeven,shortUSdollar,long

gold.

•LongGoldisthe#1FMSmostcrowdedtradeinMarch(per35%ofinvestors),followedby“longglobalsemiconductors”(35%).

12GlobalFundManagerSurvey|17March2026

BofAGlobalFMSRules&Tools

TheGlobalFMSRules&Toolsaredesignedtohelpinvestorsdetermineriskappetite,rotationopportunities,andtacticalentrypoints.

Table2:BofAGlobalFMSCashRuleandBull&BearIndicator

CurrentreadingofBofAGlobalFMSCashRuleandBull&BearIndicator

Category

Currentreading

Currentsignal

BofAGlobalFMSCashRule

Contrarian

4.3%

Neutral

Buyglobalequitieswhencashatorabove5.0%;sellwhencashatorbelow4.0%

BofABull&BearIndicator

Contrarian

8.5

Sell

Buyglobalequitieswhentheindicatorfallsbelow2.0;sellwhenitrisesabove8.0

Source:BofAGlobalInvestmentStrategy

BofAGLOBALRESEARCH

Disclaimer:TheindicatorsidentifiedasBofAGlobalFMSCashRuleandBofABull&BearIndicatoraboveareintendedtobeindicativemetricsonlyandmaynotbeusedforreferencepurposesorasameasureof

performanceforanyfinancialinstrumentorcontract,orotherwiserelieduponbythirdpartiesforanyotherpurpose,withoutthepriorwrittenconsentofBofAGlobalResearch.Theseindicatorswerenotcreatedtoactasabenchmark.

Forfulldetailspleasesee:GlobalInvestmentStrategy:

TheBofAGlobalFMSRules&Tools,12November2020

andthe

GlobalInvestmentStrategy:BofABull&BearIndicatorrevamp11

December2025

GlobalFundManagerSurvey|17March202613

BofAGLOBALRESEARCH

InvestorsonMacro

Chart27:Net%ofFMSinvestorswhoseeastrongerglobaleconomyinnext12monthsNet%ofFMSinvestorsexpectingstrongereconomy

Net%ExpectingStrongerEconomy

'94'96'98'00'02'04'06'08'10'12'14'16'18'20'22'24'26

120

80

40

0

-40

-80

-120

Source:BofAGlobalFundManagerSurvey

BofAGLOBALRESEARCH

Chart28:HowFMSinvestorswoulddescribetheglobaleconomyoverthenext12monthsFMSexpectationsfortheglobaleconomyoverthenext12months?

80

40

0

'08'09'10'11'12'13'14'15'16'17'18'19'20'21'22'23'24'25'26

120

BoomStagnationGoldilocksStagflation

Source:BofAGlobalFundManagerSurvey.

BofAGLOBALRESEARCH

Chart29:Net%ofFMSinvestorsthatthinkglobalCPI(inYoYterms)willbehigherNet%ofFMSinvestorsexpectinghigherinflation

100

80

60

40

20

0

-20

-40

-60

-80

-100

Net%ExpectingHigherGlobalCPI

'04'05'06'07'08'09'10'11'12'13'14'15'16'17'18'19'20'21'22'23'24'25'26

Source:BofAGlobalFundManagerSurvey.

BofAGLOBALRESEARCH

Onthemacro…

MarchFMSshowednet7%ofinvestors

expectingastrongereconomyinthenext12months(downfrom39%).

GlobalexpectationsontheeconomyturnedpositiveinNov’25.

51%ofFMSinvestorssaytheyexpect

“stagflation”(below-trendgrowth&above- trendinflation),vs42%amonthago.

29%say“boom”(above-trendgrowth&above-trendinflation),from36%.

14%say“goldilocks”(above-trendgrowth&below-trendinflation),unchangedvsamonthago.

2%say“stagnation”(below-trendgrowth&below-trendinflation),from5%.

Net45%ofFMSinvestorsexpectglobalCPItobehigherin12months’time…vsnet9%lastmonth.

BofAGLOBALRESEARCH

14GlobalFundManagerSurvey|17March2026

Chart30:Whatwouldyoumostliketoseecompaniesdowithcashflow?WhatFMSinvestorswouldmostliketoseecompaniesdowithcashflow

IncreasecapitalspendingImprovebalancesheetsReturncashtoshareholders

'07'09'11'13'15'17'19'21'23'25

90

80

70

60

50

40

30

20

10

0

'05

Source:BofAGlobalFundManagerSurvey.

BofAGLOBALRESEARCH

Chart31:Expectationsforinvestmentperformanceoverthenext12monthsOverthenext12months,net%FMSinvestorsthink…

64%

42%

31%19%

16%

9%

3%Mar-26

Feb-26

-30-20-10010203040506070

HighQualEarningswillbeatLowQualEarningsHighDivYieldwillbeatLowDivYieldValuewillbeatGrowth

LowVolatilitywillbeatHighVolatilityHighGradewillbeatHighYieldBondsLargeCapswillbeatSmallCaps

HighMomentumwillbeatLowMomentum

Source:BofAGlobalFundManagerSurvey

BofAGLOBALRESEARCH

Askedwhatcompaniesshoulddowithcashflow…35%said"returncashtoshareholders,"34%said"improvebalancesheets,"and22%said"improvecapitalspending."

PerMarchFMS

Net64%sayhigh-qualityearningswill

outperformlow-qualityearnings(from49%).

Net3%sayhighmomentumwillbeatlowmomentum(from6%).

Net31%sayvaluewillbeatgrowth(from43%).

Net42%sayhigh-dividendyieldwill

outperformlow-dividendyield(from33%).

GlobalFundManagerSurvey|17March202615

BofAGLOBALRESEARCH

InvestorsonAI,PolicyandRisks

Chart32:51%ofFMSinvestorssayAIstocksarenotinabubble,38%say"yes"DoyouthinkthatAIstocksareinabubble?

Sou

051015202530354045505560rce:BofAGlobalFundManagerSurvey.

BofAGLOBALRESEARCH

51%

No

38%

Yes

Mar-26Feb-26Jan-26

OnAI

AskedifAIstocksareinabubble,51%ofFMSinvestorssaidno(38%saidyes).

Chart33:FMSinvestorstakinghigherthannormalrisklevels

Whatlevelofriskdoyouthinkyou’recurrentlytakingrelativetoyourbenchmark?

Net%TakingHigherthanNormalRiskLevels

'04'06'08'10'12'14'16'18'20'22'24'26

Source:BofAGlobalFundManagerSurvey

BofAGLOBALRESEARCH

30

20

10

0

-10

-20

-30

-40

-50

-60

-70

FMSinvestorsaretakingnet14%lowerthannormalrisklevels(

vs.net

14%takinghigherthannormalrisklevelsinlastmonth).

BofAGLOBALRESEARCH

16GlobalFundManagerSurvey|17March2026

Chart34:FMSFinancialMarketStabilityRisksIndicatorat1.2FMSFinancialMarketStabilityRisksIndicatorvsS&P500YoY%

-8

-6

-4

-2

0

2

4

6

8

Lessrisk

——FMSFinancialMarketStabilityRisksIndicator(reversed)

S&P500YoY%(RHS)Morerisk

'07'09'11'13'15'17'19'21'23'25

FMSFinancialMarketStabilityRisksIndicatorrisesto1.2from-1.8.

TheFMSFinancialMarketStabilityRisks

Indicatorisintendedtobeanindicative

metriconlyandmaynotbeusedforreferencepurposesorasameasureofperformanceforanyfinancialinstrumentorcontract,or

otherwiserelieduponbythirdpartiesforanyotherpurpose,withoutthepriorwritten

consentofBofAGlobalResearch.Thisindicatorwasnotcreatedtoactasabenchmark.

MoreinfoandmethodologyontheFMS

FinancialMarketStabilityRisksIndicatorcanbefoundinthe

Nov'22GlobalFMS.

Thechartshowstheindividualz-scoresofeachresponsetohowFMSinvestorsratedpotentialriskstofinancialmarketstabilitysince'07.

InMarch,6riskfactors(outof7)increasedrelativetoJanuary…emergingmarket,credit(default),businesscycle,monetary,

counterparty,andgeopolitical.

50%

25%

0%

-25%

-50%

Source:BofAGlobalFundManagerSurvey,Bloomberg

BofAGLOBALRESEARCH

Chart35:FMSratingofpotentialriskstoFinancialMarketStabilityComponentsoftheFMSFinancialMarketStabilityRisksIndicator

Morerisk

MonetaryRisk

CounterpartyRiskGeopoliticalRisk

Lessrisk

'07'09'11'13'15'17'19'21'23'25

Source:BofAGlobalFundManagerSurvey

BofAGLOBALRESEARCH

EmergingMarketRiskBusinessCycleRisk

10

8

6

4

2

0

-2

-4

-6

-8

ProtectionistRisk

CreditRisk

GlobalFundManagerSurvey|17March202617

FMSAssetAllocation

Onassetallocation…

FMSequityallocationdeclinedto37%overweight,from48%lastmonth.

Currentallocationis0.5stdevaboveitslong-termaverage.

Chart36:Net%AASay