Fund managers are the most bullish they have been since the pandemic, according to the latest survey from Bank of America released on 18 August.

A net 12% were overweight equities, an increase of seven percentage points since July, according to the latest survey. The S&P 500 has climbed 51% from its March lows, and the Nasdaq Composite has surged 62% on its way to 33 record highs.