Fund managers just made their biggest shift ever into U.S. stocks — and out of emerging markets

Global fund managers have just made their biggest shift ever into U.S. stocks and out of emerging market equities, according to Bank of America’s long-running monthly survey released Tuesday.

The S&P 500 SPX has gained 17% this year, while the iShares MSCI Emerging Markets ETF has increased just 3%. That said, the fund managers seem to be self-aware that the bet against China is a crowded one — short China equities was the second-most crowded trade, behind only long big tech.

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