Via BofAML:
The BofAML July Global Fund Manager Survey
The nut: dovish Fed & trade truce have caused investors to reduce cash and add risk; but expectations of EPS recession & debt deflation still dominate FMS investor sentiment and the summer “pain trade” remains up in stocks & yields; note since the uber-bearish June FMS, bond yields are unchanged and the SPX is above 3000 & $25 trillion in market cap.