The election, emergence of a COVID-19 vaccine and macroeconomic factors have made investors the most bullish they've been all year, according to Bank of America's November Fund Manager Survey.
According to survey results, fund manager optimism over global growth is at a 20-year high, with net 91% of respondents believing the economy will be stronger in the next 12 months. Meanwhile, net 84% of investors expect global profits to improve, the highest since March 2002.
Most investment managers (66%) are also saying the global economy is in an early cycle phase as opposed to recession, the highest since March 2010.
Cash levels among surveyed money managers drop to 4.1% from 4.4%, putting it now below the pre-coronavirus level (it was 4.2% in January).