BAML Survey Shows Fund Managers See Market Peak This Year

Investing.com - Two months after the February correction, a majority of fund managers think the stock market has either peaked already or will peak sometime this year, according to the latest monthly Bank of America Merrill Lynch (NYSE:BAC) fund manager survey.The April BAML survey also showed fund managers growing cautious on the tech sector, with the allocation to tech stocks down to a five-year low of net 20% overweight.Regarding the market peak, 18% of those surveyed said it had already occurred, while 40% see it happening sometime in the second half of this year.Earlier this year, the majority of fund managers saw the market rally continuing into 2019.With that change in sentiment, came a reduction in equity holdings. The allocation to stocks fell sharply from the previous month to net 29%, which is both an 18-month low and the long-term average.