BofA tells investors to 'sell the vaccine' as fund managers turn bullish

Close to 'full bull'

Fund managers turned more bullish than at any point in 2020 in November, as Bank of America (BofA) warned investors to "sell the vaccine" in the coming weeks and months.

Cash levels within portfolios of global fund managers fell to their lowest level this year at 4.1%, from 4.4% in October, the latest fund manager survey from BofA showed. Cash levels have fallen by 1.8 percentage points in the past seven months, the fastest decline on record. BofA said the allocation to cash within portfolios was now 10 basis points above the 4% level that would trigger a ‘sell signal'. As a result, while it expects a rotation towards cyclicals after positive news on a Covid-19 vaccine may continue through Q4, it said investors should look to "sell the vaccine", "as w...