This is from Bank of America / Merrill Lynch's September Global Fund Manager Survey
The survey highlights:
Big 3 tail risks :
- trade war (receding),
- China slowdown (rising),
- Quantitative Tightening (rising)
Big 3 crowded trades
- long FAANG+BAT (receding) … Long FAANG+BAT (Facebook, Amazon, Apple, Netflix, Google + Baidu, Alibaba, Tencent) the most crowded trade for 8th straight month
- short EM (rising),
- long USD (rising)
