On July 14, the latest fund manager survey from Bank of America showed that global investors who have been heavily buying stocks recently should consider appropriately reducing their holdings. According to BofA strategists, asset allocators' optimism has risen to extremely high levels, which is typically seen as a warning signal for the market. The survey revealed that cash holdings have fallen from 4.1% of assets last month to an 'extremely low level' of 3.6%, while the allocation to U.S. stocks has risen to the highest since December 2024, with a net overweight of 24%. A team led by Michael Hartnett wrote in the report, 'The BofA Bull & Bear Indicator has risen to an extremely bullish level of 9.4, suggesting that investors should reduce their allocation to stocks and high-beta assets.' The indicator ranges from 1 to 10. The report added, 'Given the already optimistic market positioning, the potential for further upside in risk assets this summer may be limited.'