Half of global fund managers are long the Mag 7 – BofA

“Long Magnificent 7” is the most crowded trade, according to BofA Securities’ Global Fund Manager Survey.

The Magnificent Seven stocks – Nvidia (NVDA), Apple (AAPL), Microsoft (MSFT), Alphabet (GOOGL), Amazon (AMZN), Meta (META), and Tesla (TSLA) – is the most crowded trade, as 50% of respondents in November said they long the group, up from 43% in October.

The trade’s crowding score reduced to about 47% after the election, around Nov. 6-7, BofA’s Global Fund Manager Survey showed.

In addition, 28% of fund managers said they view gold (GLD), (GLDM) as a crowded trade, and about 7% said they view the U.S. dollar (UUP), (USDU) as a crowded trade.

Only about 3% of respondents said, “long China equities (MCHI), (FXI), (GXC),” and about 5% said to “short” the U.S. 30-year Treasury (US30Y).