If professional investors are worried that the rise in global bond yields will derail a bull market in stocks, you'd never guess it by looking at what they're doing with the money they manage.
Bank of America Corp's latest survey of global fund managers shows they have 56% of their portfolios in equities, the highest proportion since November 2021. The bullishness toward stocks comes even as the same survey shows that a "disorderly rise in bond yields" is considered the second-largest threat to the equity market after concerns about an AI bubble. In a related risk, 25% of respondents cited a second wave of inflation as the largest.
