Cash allocations have fallen to 5 percent in November from 5.8 percent in October. BofAML analysts had been calling cash levels this year "consistent with recession"; now, they're not far away from what would be considered over-exuberance, or about 4.8 percent.
At the same time, a world not long ago on the cusp of deflation now finds itself worried about things going in the other direction. Higher inflation is now expected by a net 85 percent of the fund managers surveyed by BofAML, a 12-year high.
Finally, as the global economy has been mired in a growth slump that has featured U.S. GDP languishing around 2 percent, Trump's win is now seen as "unambiguously positive" for nominal gains.
Respondents now expect the yield curve — or the spread between short- and long-term bond yields — to steepen significantly. Since the October survey, the net level of investors looking for a steeper curve jumped from 31 percent to 65 percent, the biggest monthly gain in the survey's history.
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From an investment standpoint, managers now see money moving away from emerging markets, technology, telecom and utilities, and into banks, health care and U.S.-focused equities. Bank stocks have been laggards since the 2008 financial crisis but have been on a tear since the election, with the KBW Nasdaq Bank index surging 14 percent since polls closed.
Exchange-traded funds have seen massive inflows to stock-based investments during the period.
The SPDR S&P 500 Trust, which tracks the broad market index, has taken in $10.6 billion, while the small-cap iShares Russell 2000 has gathered $5.3 billion and the Financial Select Sector SPDR has seen more than $4 billion in inflows, according to FactSet.
The iShares TIPS Bond ETF, which tracks Treasury Inflation-Protected Securities, has seen $195.6 million in fresh investor cash, though the inflation-hedged bonds actually have declined in price over the past week.
Gold-based funds also have been a surprising lower in investors cash, with the SPDR Gold Trust seeing $843.8 billion in redemptions.