The majority of fund managers expect that the arrival of a Covid vaccine will take at least four months until it has a positive impact on the economy, as investors continue to pile into stocks most likely to benefit from a recovery.

According to the latest Bank of America fund manager survey, 42% of respondents said they expect the economic knock-on effect from a Covid-19 vaccine to be felt from the second quarter of 2021. Some were more optimistic — 28% said a positive impact could be felt during the first three months of the new year.