美银：全球基金经理调查- 现金不足，资本开支充裕，降息需求迫切-Global Fund Manager Survey-Cash poor, capex rich, rate cut needy

Accessible version Global Fund Manager Survey Bottom Line: investors bullish…most OW stocks since Feb'25, most OW commodities since Sep'22, running very low 3.7% cash levels ("sell signal"); FMS positioning a headwind not tailwind for risk assets, froth to correct further without Fed Dec rate cut, EM/banks most vulnerable to proper Q4 risk-off move, retail/UK assets the contrarian longs. On Macro: investors bullish on Goldilocks, 53% expect soft landing (vs 37% no landing, just 6% hard landing); global grow ...