the most crowded trade on wall street is long china equities according to the latest bank of america fund manager survey twentyone percent of respondents to the february survey said that was the investment with the most enthusiasm perhaps too much still the most crowded trades in the survey which is among the most followed on wall street can stay that way for long stretches long china displaces long us dollar which was the most crowded trade for the prior seven months in the survey long tech stocks and growth stocks generally dominated the list from 2018 to 2022 the invesco golden dragon china etf is up 15 this year following a 25 decline in 2022 and 42 plunge in 2021 china equities traded in the us were under pressure for a number of reasons including the countrys covid lockdowns as well as tighter scrutiny of its homegrown internet businesses both concerns have eased this year the top holdings in the invesco china etf are baidu  alibaba  pinduoduo and jdcom  the gain in the us dollar has slowed this year on signs of easing inflation and as the federal reserve dialed down its ratehiking campaign rest of the survey among the other key conclusions from the survey are a decline in recession expectations just 24 of fund managers are saying a recession is likely in the next 12 months down from a high of 77 last november forty percent of respondents see the biggest tail risk as inflation staying high overall respondents are still pretty pessimistic however keeping 52 in cash down only slightly from the prior survey also fund mangers are still net 31 underweight equities based on the survey michael hartnett investment strategist with bank of america takes a contrarian view and believes the pain trade is still for stocks to keep rising investors are nowhere near optimistic enough to recommend selling stocks hartnett stated the monthly survey polls 299 panelists with 847 billion under management