Institutional investors are deploying cash: The cash allocation of global managers fell another -0.1 percentage points in November, to 3.7%, the lowest in 15 years. Cash levels have remained at or below 4% of AUM for the 5th consecutive month. Cash levels of 3.7% or lower have occurred only 20 times since 2002. Meanwhile, institutional investors are net 34% overweight global stocks, the highest since February 2025, and most overweight commodities since September 2022. Institutional investors are extremely bullish on stocks.