BofA Survey: Semiconductors Stay the Most Crowded Fund Manager Trade
A BofA survey shows global fund managers still view long semiconductors as the most crowded trade, while short Treasuries moved into second place.
According to a BofA survey conducted September 4–10, 53% of global fund managers named long global semiconductors as the most crowded trade, keeping the position in first place for a fourth consecutive month.
The reading came even as 33% of respondents said companies are overinvesting, the highest proportion on record.
Short Treasuries ranked second for the first time at 18%. Long Magnificent 7 was named by only 7% of respondents, after holding the top spot for 23 consecutive months between 2023 and 2025 and peaking near 70% in June 2024.
Semiconductor stocks continue to attract strong investor interest.
Source: The Kobeissi Letter