Investor preference tilted strongly toward the eurozone, emerging markets, and banks, while U.S. equities, the dollar, and energy ranked lowest, according to Bank of America's global fund manager survey.

The U.S. dollar is facing the worst investor sentiment in more than 20 years, according to the Bank of America.

In its monthly global fund manager survey, cited by Bloomberg, Bank of America said a net 31% of investors were underweight the U.S. dollar, marking the most bearish stance on the currency in two decades. 

This comes as the U.S. dollar index (DXY) has fallen by over 9% so far this year amid rising geopolitical tension spurred by the Trump administration’s tariff negotiations. 

U.S. Dollar ETFs have fared marginally better, with the Invesco BD US Dollar Index Bullish Fund (UUP) down 7.5% this year and the WisdomTree Bloomberg U.S. Dollar Bullish Fund (USDU) down nearly 6%. 

According to the survey, investor pessimism isn’t just limited to the U.S. dollar but also to U.S. stocks. It shows that 54% of asset managers expect international stocks to be the top asset class, while only 23% picked U.S. stocks. 

The most favored positions among investors were in the eurozone, emerging markets, and banking stocks, with U.S. equities, the dollar, and energy sectors seeing the least interest.

The SPDR S&P 500 ETF (SPY), which tracks the 500 largest companies on the U.S. stock market, has only gained 2% this year. In comparison, the Vanguard FTSE Europe ETF (VGK), which tracks the European markets, has gained more than 22%. 

The responses in the survey reflect rising support for the “Sell America” trade amid U.S. President Donald Trump’s escalating tariffs and fiscal proposals, which are expected to widen the budget deficit by $2.4 trillion over the next decade.

It showed that 59% of investors don’t expect any boost to U.S. economic activity in the next six months. 

Bank of America said its survey included responses from 190 investment professionals managing a combined $523 billion in assets between June 6 and June 12.

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