Fund managers dump cash into US stocks and crowded semis while gold takes biggest hit in decade

Cash at 3.6% near 13 year lows after dropping another half point shows institutions fully committed with almost no dry powder left for dips.

Institutional investors are rushing into US stocks:

Global managers’ cash allocation has declined -0.5 percentage points month-over-month, to 3.6%, near the lowest in 13 years, according to a BofA survey of 181 participants with $484 billion in assets.

At the same time, 24% of… pic.twitter.com/JYRHFBLq5z

— The Kobeissi Letter (@KobeissiLetter) July 15, 2026

The last few weeks saw gold have its deepest drawdowns in over a decade.
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