Gold vs. Other Asset Total Returns

Gold vs. Other Asset Total Returns A performance rotation from stocks to gold is emerging. This may signal the beginning of a broader shift, as Trump’s efforts to weaken the dollar and lower rates coincide with a deteriorating outlook for equities. Image: Topdown Charts

Top Five Companies % of S&P 500 Market Capitalization

Top Five Companies % of S&P 500 Market Capitalization The S&P 500 is experiencing unprecedented levels of concentration. While the concentration presents potential risks, the fundamentals of the top 5 companies remain strong, with elevated profit margins and robust cash flow generation. Image: Deutsche Bank

Annual Return of Treasuries – T-bills

Annual Return of Treasuries – T-bills In 2024, U.S. Treasuries have once again underperformed cash, resulting in a challenging year for bond investors. Many investors have found more appealing opportunities in cash savings or other asset classes. Image: Bloomberg

Global Fund Flows

Global Fund Flows Cash, equity, and bond funds globally are experiencing significant inflows, indicating a growing confidence in diversified asset allocation strategies. Image: Goldman Sachs Global Investment Research

FMS Investor Positioning

FMS Investor Positioning Global FMS investors have overweighted their exposure to utilities, bonds and telecoms compared to historical levels, while reducing their exposure to cash, energy, materials and tech. Image: BofA Global Fund Manager Survey

U.S. Household Liquid Assets

U.S. Household Liquid Assets The amount of cash held by households in the United States has surged to an unprecedented level of $18 trillion, representing a significant increase from previous years. Image: BofA Research Investment Committee

Money Market Flows

Money Market Fund Flows While the U.S. equity market has been steadily rising since its 2022 low, conservative investors maintain a strong inclination towards holding cash. Image: BofA Global Investment Strategy

Mutual Fund and ETF In/(Out)Flows

Mutual Fund and ETF In/(Out)Flows Since 2023, cash has emerged as the flow winner. Will it serve as the primary driving force behind the bull markets in the months ahead? Image: Goldman Sachs Global Investment Research

S&P 500 Earnings Yield – UST 3-Month Yield

S&P 500 Earnings Yield – UST 3-Month Yield Historically, when the cash yield exceeds the earnings yield, this is often seen as a headwind for equities, as investors tend to prefer allocating their funds to cash investments rather than stocks. Image: BofA Global Investment Strategy

U.S. Household Financial Assets

U.S. Household Financial Assets The total amount of cash held by households in the United States has reached a staggering $18 trillion. Image: BofA Research Investment Committee