When four out of five professional money managers agree on anything, it’s worth paying attention. When they agree on the same trade, it might be worth worrying.
Bank of America’s June 2026 Global Fund Manager Survey found that a record 80% of respondents now identify long global semiconductors as the most crowded trade among risk assets. The survey polled 198 institutional managers overseeing $540 billion in assets, conducted between June 5 and June 11.
The consensus built fast
In April 2026, roughly 25% of fund managers flagged semiconductors as the most crowded trade. By May, that number had nearly tripled to 73%. Now it sits at a record 80%.
The Philadelphia Semiconductor Index, commonly known as SOX, has recently hit all-time highs, with single-day gains as large as 5%. The iShares Semiconductor ETF (SMH) has been even more eye-popping, climbing 99% year-to-date as of mid-June 2026.
