Even as US stocks push ever closer to record territory, with recession fears swirling and some big rotation out of popular stocks, fund managers are buying America more than they have in over a year.

That’s according to the September Bank of America Merrill Lynch fund manager survey that published Tuesday. It showed that allocation to US equities soared 15 percentage points to a net 17% overweight, the biggest monthly increase since June 2018, making it the most-preferred region amongst global managers.