Tech holds the crown, but defensive positioning grows: BofA survey

Technology remains the top preference among investors, but fund managers have clearly shifted toward a more defensive stance, according to Bank of America Securities’ August Asia Fund Manager Survey.

“Tech is still king, but defensives are rising,” BofA Securities said.

The survey further shows that 59% of investors are hedging AI downside risk by rotating into value, cyclical and defensive sectors, more than double the level seen in July. Nearly two-thirds of investors also require clearer evidence of AI monetization before increasing their exposure to AI-related stocks.