Institutional investors remain bearish of US stocks:
A net 38% of institutional investors were underweight US equities in early May, the lowest since May 2023, according to BofA.
Outside of 2023, this marks the lowest allocation since the lead up to 2008.
Over the last 5 months, this percentage has fallen by ~70 points, the biggest drop on record.
The difference between the proportion of investors being overweight Eurozone versus US equities hit a net ~75%, the highest since October 2017.
By comparison, 4 months ago, the net percentage was -62 points, the lowest since 2012.
The sentiment shift among professional investors has been historic.
