Some 54% of asset managers expect international stocks to be the top asset class, while 23% picked US stocks, according to the survey. Only 13% said gold will deliver top returns, and 5% are betting on bonds.
It’s the first time that Bank of America’s survey asked investors to predict which asset class will perform best over a five-year horizon. The responses reflect the popularity of the “Sell America” trade that’s taken hold as President Donald Trump hikes tariffs and pushes legislation that would add an estimated $2.4 trillion to the budget deficit over a decade.
If the fund managers are right in their prediction, it would be a reversal in what’s been the most reliable money-making trade for years. US stocks have topped international shares in 13 of the past 15 calendar years, according to data compiled by Bloomberg.
But that’s started to change. So far in 2025, the S&P 500 is on track to underperform global stocks by the most since 2009.
