Investor pessimism has surged to the highest level in nearly a year, according to the latest Global Fund Manager Survey from Bank of America. This could potentially signal further gains for risk assets. The survey surveyed 193 investors, who hold $563 billion in assets under management, found that global growth expectations were at their lowest since March 2022 and inflation expectations were also at their highest since May 2021. Despite this, investors have not fully capitulated, with cash levels at 4.3% and positioning still tilted toward global equities. The most recent survey took place before the recent ceasefire headlines and subsequent market bounce.