BofA survey shows 37% of fund managers overweight tech stocks

Professional money managers have picked a side, and it is not the shopping mall. Bank of America’s October 2026 Global Fund Manager Survey shows a net 37% of fund managers are now overweight technology stocks. That is up from 30% in September and marks the heaviest tech exposure since August 2020. Meanwhile, consumer discretionary stocks are getting the cold shoulder at a level not seen since July 2008. Inside the numbers The survey, released on October 13, polled 161 participants between October 2 and October 8, 2026. Together, those respondents manage $453 billion in assets. The headline figure is the jump in tech positioning. Going from a net 30% overweight to a net 37% in a single month is a meaningful shift for a group that usually moves like an ocean liner, not a jet ski. Tech is not the only sector getting love. Pharmaceuticals came in as the next most overweight sector at +23%, with industrials close behind at +22%. On the other end of the spectrum sits consumer discretionary. Managers reported a net 34% underweight there, the most bearish reading since July 2008. The survey also flagged rising concentration risk. Global semiconductor stocks were named the most crowded trad...