Global institutional investors have never held so little cash: Cash allocation by fund managers is down to just 3.2%, the lowest since data began in the 1990s. This marks a -1.6 percentage point decline since April, one of the fastest drops since the survey started. Cash levels are now at or below 4% of AUM for the 7th consecutive month, the longest streak on record. According to Bank of America, fund managers are the most bullish since July 2021. Meanwhile, the majority of global investors have no downside protection against a largest stock-market drawdown, the highest percentage since early 2018. Professional investor sentiment is extremely bullish.