SA fund managers: BofA survey finds increased equity bulls

South African fund managers are optimistic about the country's economy strengthening in the next year. A recent survey by Bank of America conducted between 6th and 12th September revealed that a record net 80 per cent of fund managers would be overweight on domestic stocks. The survey, which gathered opinions from 18 managers, showcased a bullish sentiment towards equities and bonds, with expectations of significant returns. John Morris, South Africa Strategist at Bank of America, discussed the survey findings in an interview with CNBC Africa. The survey reflects a positive outlook, with fund managers expressing confidence in the market's performance in the coming months. Despite potential uncertainties such as the upcoming US elections and global economic conditions, most managers are leaning towards domestic sectors that are expected to benefit from a cutting cycle. While some uncertainty remains regarding the future performance of the equity market, the majority of managers believe it will continue to trend upwards. The survey results also highlighted some differences between the sentiments of local and global fund managers, particularly in the resources sector. All in all, the survey paints a picture of cautious optimism among South African fund managers, with a focus on potential opportunities in the market amid changing economic conditions.