The latest Bank of America (BofA) Global Fund Manager Survey indicates a bullish sentiment among investors towards the US dollar and equities, while showing a bearish outlook on other asset classes. The survey reveals that 53% of fund managers are heavily invested in the 'Magnificent 7' stocks, which include major tech companies, while 27% favor long positions in the US dollar and 13% in cryptocurrencies. Cash levels among professional investors have dropped to 3.9%, the lowest since June 2021, as allocations to bonds have also been reduced to their lowest since October 2022. The survey highlights a divergence in sentiment between institutional and retail investors, with the latter remaining more cautious. Additionally, inflation is identified as the biggest tail risk, with 61% of respondents anticipating potential tariffs under the incoming Trump administration. Overall, the data suggests that investors are increasingly optimistic about the US market's performance compared to other regions.