Institutional investors are all-in on stocks:
The cash allocation of global managers dropped -0.4 percentage points in December, to 3.3%, the lowest since the data began in the 1990s.
This marks a -1.5 percentage point decline since April.
Cash levels have remained at or below 4% of AUM for the 6th consecutive month, one of the longest streaks on record.
In the past, cash levels at 3.6% or lower have been observed only 9 times.
As a result, investor sentiment, measured by cash levels, stock allocations, and global growth expectations, rose +1.0 point over the last month, to 7.4, the highest since July 2021.
Optimism among professional investors has rarely been this strong.
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