BofA Fund Manager Survey suggests that a US 10-year Treasury yield at 5.9% would prompt a shift in allocations from equities into bonds

The Fund Manager Survey is a monthly positioning and sentiment gauge rather than a hard data point, and the yield level it produces is best read as a self-reported pain threshold: the point at which respondents say equity allocations would give way to bonds. Such thresholds have historically drifted with the prevailing range, sitting only modestly above spot when rates are high and falling back when they are not, so the signal is about how much headroom the equity bid believes it has rather than a forecast of where yields go. The transmission channel, were yields to approach the cited zone, is the equity risk premium and the discount rate on long-duration sectors, with rate-sensitive and growth cohorts typically leading any de-rating while the long end of the curve sets the trigger. Survey-based rotation thresholds have tended to be tested slowly rather than acted on at a single print, since stated intent and actual flow are different things; the harder evidence comes in fund flow data and pension rebalancing at quarter-ends. Worth noting is that the same survey series routinely flags crowded positioning and cash levels, which frame how much dry powder actually exists for the rotation respondents describe. As bank research built on opinion polling, this is context for positioning rather than a catalyst in itself.