BofA said the “avoid China” theme has become one of the biggest convictions among surveyed investors.
Stock markets are not yet reflecting the risk of a recession, he said.
Equity markets have been rising this year on expectations that the economy will make a soft landing.
Tech funds sustained $1.2 billion of outflows in the week through June 7.
Even record dividends aren't tempting investors enough.
The fund manager is among a chorus of market participants bullish on AI-related stocks.
Funds may have to turn bullish on global equities if stocks continue to rally, they said.
Euro-area stocks remain extremely cheap compared to their U.S. peers.
They are sticking to their gloomy outlook for the rest of 2023, unconvinced by a 10% advance in the Stoxx Europe 600.
Earnings expectations remain too high, the firm's chief strategist said.
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