---
title: Institutional investors are the most bullish since the February peak in stocks and no longer see a trade war as the biggest risk.
description: "According to Bank of America’s September fund manager survey (covering $426bn AUM), risk appetite is back at its highest since Feb 2025, when the S&P 500 last hit an intermediate peak : The trade war narrative is fading.\nOptimism is rising. Risk is back on.\nsource : BofA"
---

[Syz The Moment](https://blog.syzgroup.com/syz-the-moment)

# [Institutional investors are the most bullish since the February peak in stocks and no longer see a trade war as the biggest risk.](https://blog.syzgroup.com/syz-the-moment/institutional-investors-are-the-most-bullish-since-the-february-peak-in-stocks-and-no-longer-see-a-trade-war-as-the-biggest-risk)

 Written by [Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/syz-the-moment/author/charles-henry-monchau) | Sep 17, 2025, 2:54:55 PM

[View full post](https://blog.syzgroup.com/syz-the-moment/institutional-investors-are-the-most-bullish-since-the-february-peak-in-stocks-and-no-longer-see-a-trade-war-as-the-biggest-risk)

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