Institutional investors are rushing into US stocks: Global managers’ cash allocation has declined -0.5 percentage points month-over-month, to 3.6%, near the lowest in 13 years, according to a BofA survey of 181 participants with $484 billion in assets. At the same time, 24% of managers are now net overweight US equities, the highest since December 2024. This is also the 2nd-highest reading since late-2021. Furthermore, 82% of respondents said "long global semiconductor stocks" is the most crowded trade, the 3rd consecutive month semiconductors have topped the list. All while allocation to global equities is up +4 percentage points this month, to 42% overweight, the 4th-highest since January 2022. The appetite for risk is surging globally.