The only reason to be bearish is that there’s no reason to be bearish.

That’s how BofA Securities sums up the all-time high sentiment in its Global Fund Manager Survey for February.

91% of the 225 fund managers overseeing $645-billion assets now expect stronger economic growth, according to the survey conducted between Feb. 5 and 11. “For the first time since January 2020, investors want CIOs to increase capex rather than improve balance sheet.”

Allocation to emerging market equities, which surged to the highest ever during the previous round in January, saw a moderate pullback; conviction on developed economies like the U.K. rose. Still, 51% of the fund managers surveyed expect emerging markets to be the biggest outperforming asset class in 2021, followed by oil and the S&P 500.

Overseas investors continue to pile into Indian equities as sentiment has been buoyant after the budget. The S&P BSE Sensex and the NSE Nifty 50 are up nearly 12% for the month, their best February gains since 1996. Foreign portfolio investors have pumped about Rs 22,000 crore into India’s equity markets in the last 12 sessions.

Fund Managers also continue to deploy more cash into equities. Cash levels are now down to 3.8%—the lowest level since March 2013 while allocation to stocks and commodities is at the highest level since February 2011.

28% of the fund managers continue to see the Covid-19 vaccine rollout as the biggest tail risk. Some of the other risks include a tantrum in the bond market (25%), higher-than-expected inflation (24%) and a bubble on Wall Street (13%).

Here are five key takeaways from the survey: