Bank of America’s survey of global fund managers, conducted from Sept. 4 to Sept. 10, found that 53% of respondents viewed a long position in global semiconductors as the most crowded trade in the market. That kept the trade in the top spot for a fourth consecutive month. At the same time, 33% of those surveyed said related companies were overinvested, the highest share on record.
The survey also showed a shift elsewhere in positioning. Shorting government bonds moved up to second place for the first time, with 18% of respondents calling it the most crowded trade. By contrast, only 7% said going long the Magnificent 7 was the most crowded trade.
Previously, the Magnificent 7 long trade had held the top spot for 23 straight months between 2023 and 2025, and reached a peak of about 70% in June 2024. According to the report cited by ChainCatcher, semiconductor stocks are still drawing investor attention.
According to ChainCatcher, a Bank of America, or BofA, survey conducted from Sept. 4 to Sept. 10 found that 53% of global fund managers saw a long position in global semiconductors as the most crowded trade. It was the fourth straight month that the trade ranked first.
The survey also found that 33% of respondents believed related companies were seeing overinvestment, the highest proportion on record.
In the crowded-trade ranking, shorting government bonds rose to second place for the first time, with 18% of respondents naming it the most crowded trade. Only 7% said that going long the Magnificent 7 was the most crowded trade.
Previously, the long Magnificent 7 trade had ranked first for 23 consecutive months from 2023 to 2025, and hit a peak of about 70% in June 2024. The report said semiconductor stocks continue to attract investor attention.
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