BofA Survey: 53% of fund managers view going long on semiconductors as the most crowded trade

A survey conducted by Bank of America (BofA) from September 4 to 10 showed that 53% of global fund managers consider "going long on global semiconductors" to be the most crowded trade, marking the fourth consecutive month this trade has held the top position.

Despite this, 33% of respondents believe that the related companies are over-invested, the highest recorded proportion to date. "Shorting government bonds" has risen to second place for the first time, with 18% of respondents listing it as the most crowded trade. Only 7% of respondents believe that "going long on the Magnificent 7" is the most crowded.

Previously, this trade had been in the top position for 23 consecutive months from 2023 to 2025, peaking at around 70% in June 2024. Semiconductor stocks continue to attract investor attention.