March 2026 - Views from 47 top asset managers across 73 assets, based on 1,300+ individual views
Main takeaway
- Overall sentiment: still very bullish, even with geopolitics in the headlines. No sign of material view changes in updates since the war began. Overall remains the most bullish reading since we launched BSST (2024).
- Cyclicals: the clearest cross-asset message is still “Buy Cyclicals” (sectors + factors)
- Tech: slipping down the rankings — but most of the buy side is hanging onto longs.
- Private Credit: cuts continue, but there are still far more bulls than bears
Sentiment: record bullishness (again)
Buy-side sentiment edged higher again, pushing to a new BSST high above the Dec-2024 peak.
Risk appetite
- Risk appetite rose in 4 of 6 risk-on/risk-off indicators.
- Our aggregate risk-on/risk-off indicator is at the highest level in the 17-month history.
Big asset-class reads
- Equities: stable at a high level — +77% net bullish (4th most bullish asset class)
- 34 Bulls | 8 Neutrals | 1 Bear
- Cyclicals: upgraded again — all four cyclical sectors upgraded; 3 of 4 at the most bullish level in BSST history.
- Small Caps: the biggest 1-month upgrade of the rotation so far — another clear pro-cyclical shift.
- Sovereigns: downgraded again to -22% net bearish (lowest since BSST started).
- Cash: small upgrade from a low level, but still the 3rd least popular asset.