Global investors will end 2021 with a risk-friendly outlook, according to the BofA

Investors are heading to the end of the year in a favorable mood for “risk”, Having reduced cash flows and raised its overweight position in US equities to the highest level since August 2013, showed a monthly survey by fund manager BofA Securities.

Inflation continues to be the biggest threat to markets, but 61% of those surveyed believe it is transitory and expect the Federal Reserve to hold on “far behind the curve“In the normalization of its monetary policy, indicated the US investment bank.

The survey, closely watched by markets and analysts, was conducted November 5-11 among investors with a total of $ 1.2 trillion in assets under management.

“Investors do not expect the Fed to aggressively adjust its policy”Said BofA, adding that markets now see on average a higher rise in central bank interest rates in 2022 than originally envisioned, although the bullish estimate remains subdued.

Cash allocations fell to 4.4% in November from 4.7% in the survey last month as investors increased their global overweight in equities and trimmed their overweight in commodities, while flows remained highly underweight in bonds.

As fears about price pressures abated, investors shifted from inflationary assets in segments such as energy, industrial and banks to focus on discretionary and technology sectors, while reducing their exposure to securities in the benefit of growth.

The survey highlighted an easing of concerns around a macroeconomic slowdown, with a net 3% now saying the world economy will improve, while only 6 out of 100 analysts expect a recession in the next 12 months.

The report also indicated that the segment of “Long Tech Stocks”Was the busiest operation, with 37%, followed by bitcóin with 21%, although a majority of 59% think that the cryptocurrency has generated a bubble.