全球基金经理调查 ： 债券有更多乐趣

The BofA November Global Fund Manager Survey indicates that investors remain cautious on macroeconomic conditions but are bullish on interest rates. The investor playbook for 2024 includes a soft landing, lower rates, a weaker US dollar, a large-cap tech and pharma bull, and avoiding China and leverage. Investors have cut cash from 5.3% to 4.7% (a 2-year low) and moved to the biggest bond overweight since March 2009. The survey also shows that investors expect weaker global growth but 74% predict a soft or no landing at all, with a "short leverage" theme and CIOs telling CEOs to improve their balance sheet rather than increasing capex or stock buybacks.