Group 1 - Bank of America warns that professional fund managers may be overly confident about the sustainability of the current stock market rally [1] - The monthly fund manager survey indicates that professional investors are increasingly putting cash into the market, with cash levels dropping to 3.9%, the lowest in over a decade [1] - There is a record rise in risk appetite and optimism regarding corporate earnings, with sentiment at its highest since February 2025 [1] Group 2 - The survey shows a net increase of 14% in fund managers' holdings of technology stocks, up from a net decrease of 1% the previous month [2] - Despite the recovery in tech stocks, long-term enthusiasm for the sector remains below average, with valuation concerns being the top worry among fund managers [2] - The dollar index has fallen nearly 10% this year, and fund managers view dollar short positions as the most crowded trade in the market [2] Group 3 - Fund managers are optimistic about technology stocks due to artificial intelligence but are bearish on the dollar due to U.S. trade and fiscal policies [3] - There is a significant increase in interest in the euro, with a net 20% of respondents increasing their euro holdings, the highest since January 2005 [3] - The survey was conducted from July 3 to July 10, with 211 participants managing a total of $504 billion in assets [3]