Global appetite for risk is through the roof: The investor sentiment gauge rose +0.8 points in August, to 8.0, the 3rd-highest reading since 2022, according to a BofA survey of 180 participants overseeing $525 billion in assets. The index tracks global fund manager growth expectations, cash levels, and equity allocations. This comes as cash allocations declined -0.1 percentage point MoM, to 3.5%, the 6th-lowest level since the survey began in 1998. At the same time, 56% of surveyed fund managers are overweight equities, the highest proportion since November 2021. This also marks the 14th consecutive month of bullish positioning. Furthermore, 37% of respondents expect double-digit earnings growth globally over the next 12 months, the highest percentage since August 2021. Bullish sentiment is incredibly strong worldwide.