The September edition of Bank of America’s bellwether Global Fund Manager Survey highlights a growing disconnect between fund managers’ expectations and their positioning: funds remain heavily overweight equities despite increasing pessimism over global economic prospects. According to the survey, expectations for global growth have tanked to their lowest in nearly 18 months, with only a net 13% of fund managers now looking for the global economy to improve, having peaked at 91% in March. The Delta variant shoulders much of the blame for this deterioration in sentiment. But, despite their increasingly gloomy outlook, ... (full story)