美银10月全球基金经理调查：做多半导体仍为最拥挤交易（45%），但较7月82%大幅降温；科技股超配升至2020年8月来最高

Bank of America’s October Global Fund Manager Survey indicates that long global semiconductor positions remain the market’s most crowded trade, even as the intensity of that consensus has eased substantially from its summer peak. Among 161 institutional managers controlling $453 billion in assets, 45% named long semiconductors as the single most crowded position. The reading marks a clear retreat from the 82% recorded in July and extends a multi-month cooling in the trade. Short U.S. Treasuries ranked second at 27%, up from 18% in September. Long Magnificent Seven exposure came in third at 16%, followed by long U.S. dollar at 5%. Both long oil and long global banks registered 3%. The results coincide with managers’ heaviest overweight in technology stocks since August 2020. Thirty-seven percent of respondents are overweight the sector, an increase from 30% the previous month. Conducted from October 2 to October 8, the survey highlights ongoing concentration in AI-driven chip names alongside a rising consensus short in Treasuries. Market Tracking Funds: ( DIA ), ( DDM ), ( UDOW ), ( DOG ), ( DXD ), ( SDOW ), ( SPY ), ( VOO ), ( IVV ), ( RSP ), ( SSO ), ( UPRO ), ( SH ), ( SDS ), ( SPXU ), ( FXAIX ), ( VFIAX ), ( VFFSX ), ( SWPPX ), ( QQQ ), ( QQQM ), ( SQQQ ), ( TQQQ ), ( QLD ), and ( QID ). Semiconductor ETFs: ( SMH ), ( SOXX ), ( SOXL ), ( FTXL ), ( XSD ), ( USD ), ( PSI ), and ( SEMI ).