In the latest edition of Bank of America's closely-watched Global Fund Manager survey, the number one tail risk is "trade war".
"That's no surprise given the survey was taken May 3rd-9th, but trade war concerns are well below levels seen last summer," the bank's Michael Hartnett wrote this week.
Here's the visual which illustrates Hartnett's point:
(BofAML)
When you consider that "China slowdown" worries are in part a manifestation of the trade war, it's fair to say that global fund managers have identified the trade conflict as the top tail risk for 14 of the