The most recent BofA Securities monthly survey of global portfolio managers uncovered investors surprisingly bearish on global growth and, by extension, commodities. BofA investment strategist Michael Hartnett noted that 48 per cent of managers expect a global economic recession by the end of the first quarter of 2024 and the attractiveness of growth-sensitive commodities has plummeted as a result. In April of 2022, 35 per cent more managers were overweight than underweight the sector whereas now 15 per cent more managers are underweight. Mr. Hartnett reports that the rotation out of commodities over the last three months is the largest...