Bank of America Flags Record-Low 3.3% Cash in December Survey, Warning on Equities

On December 18, 2025, Bank of America warned that investor cash has dropped to 3.3% in its December Global Fund Manager Survey, the series’ lowest reading. Allocations to stocks and commodities are at their highest since February 2022, and BofA’s playbook views cash below 4% as a sell signal, with 5% or more a buy zone.