~50% of 164 hedge fund managers who manage $386 billion USD now say that the US economy should brace for a hard landing, up almost 43 percentage points since February - why is there such a big disparity between institutional and retail investor sentiment?

"82% of respondents said the global economy is set to weaken, which is a 30-year high."

"49% of them said a hard landing is now the most likely outcome for the global economy, up significantly from 6% in February and 11% in March.

"The percentage of investors who intend to cut their allocation to U.S. equities rose to the highest level since the survey began in 2001."

"The Bank of America fund manager sentiment index is now lower than it was even during the depths of the pandemic crash in 2020."

"For the first time in over two years, the most crowded trade is no longer being long the "Magnificent 7" tech stocks. Instead, it's being long gold."

Data is from Bank of America, chart and analysis from Axios

[https://www.axios.com/2025/04/17/trump-tariffs-global-fund-managers](https://www.axios.com/2025/04/17/trump-tariffs-global-fund-managers)