Concentration sits at 0.99, at maximum amplifier load within the severe step. State Street SSGA (May 21, 2026) records SPY top-10 combined weight at 39.04% and IT sector at 37.35%. Axios (May 20, 2026) reports fund managers at 50% equity overweight -- the steepest month-over-month jump since 2001. Section 13 de-load criteria require broad index weight dispersion before this amplifier retreats.
Concentration sits at 0.99, at maximum amplifier load within the severe step. State Street SSGA (May 21, 2026) records SPY top-10 combined weight at 39.04% and IT sector at 37.35%. Axios (May 20, 2026) reports fund managers at 50% equity overweight -- the steepest month-over-month jump since 2001. Section 13 de-load criteria require broad index weight dispersion before this amplifier retreats.
State Street SSGA SPY product page (May 21, 2026, Grade A) shows holdings data as of May 21, 2026: NVIDIA 8.35%, Apple 7.01%, Microsoft 4.87%, Amazon 4.10%, Alphabet CL A 3.53%, Broadcom 3.08%, Alphabet CL C 2.81%, Meta 2.08%, Tesla 1.84%, Berkshire 1.38%. The Magnificent Seven (NVIDIA, Apple, Microsoft, Amazon, Alphabet CL A, Alphabet CL C, Meta, Tesla) aggregate to approximately 34.59% of SPY based on listed component weights -- fractionally below the section 13 falsification threshold of 35% and marginally lower than the May 20 reading of approximately 34.70%. Top-10 combined weight is 39.04% and IT sector weight is 37.35%.
Data as of May 21, 2026. NVIDIA CORP 8.35%, APPLE INC 7.01%, MICROSOFT CORP 4.87%, AMAZON.COM INC 4.10%, ALPHABET INC CL A 3.53%, BROADCOM INC 3.08%, ALPHABET INC CL C 2.81%, META PLATFORMS INC CLASS A 2.08%, TESLA INC 1.84%, BERKSHIRE HATHAWAY INC CL B 1.38%. Information Technology sector: 37.35%. Top 10 Combined Weight: 39.04%.
Axios (May 20, 2026, Grade B) reports BofA Global Fund Manager Survey May 2026 (200 managers, $517B AUM, conducted May 8-14) shows equity allocations at net 50% overweight from 13% the prior month -- the steepest month-over-month jump since 2001 and highest equity allocation since January 2022. Cash held at 3.9%. Inflation named top tail risk by 40% of managers, up from 26% in April; no Mag-7 exit signal identified in the survey data.
Fund managers allocation to equities jumped to 50% overweight, meaning that they are holding more stocks than their standard benchmark, from 13% in the previous month. It was the steepest month-over-month jump since 2001. It is also the highest stock allocation the survey has tracked since January 2022.
State Street SSGA SPY product page (May 20, 2026, Grade A) shows holdings data as of May 20, 2026: NVIDIA 8.51%, Apple 6.96%, Microsoft 4.89%, Amazon 4.06%, Alphabet CL A 3.55%, Broadcom 3.11%, Alphabet CL C 2.82%, Meta 2.07%, Tesla 1.84%, Berkshire 1.38%. The Magnificent Seven (NVIDIA, Apple, Microsoft, Amazon, Alphabet, Meta, Tesla) aggregate to approximately 34.70% of SPY based on listed weights, fractionally below the section 13 falsification threshold of 35% and stable versus the May 18 reading of approximately 34.86%. IT sector weight is 37.31% and total AUM is $764,126.03 million.
Data as of May 20, 2026. NVIDIA CORP 8.51%, APPLE INC 6.96%, MICROSOFT CORP 4.89%, AMAZON.COM INC 4.06%, ALPHABET INC CL A 3.55%, BROADCOM INC 3.11%, ALPHABET INC CL C 2.82%, META PLATFORMS INC CLASS A 2.07%, TESLA INC 1.84%, BERKSHIRE HATHAWAY INC CL B 1.38%. Information Technology sector: 37.31%. Total AUM: $764,126.03 million.
atranicapital Substack (May 20, 2026, Grade C) summarizes BofA Global Fund Manager Survey May 2026 (200 panelists, $517B AUM, conducted May 8-14, 2026): long global semiconductors ranked as most crowded trade by 73% of respondents, with long Magnificent Seven second at 14% and long oil falling to 6% from 24% in April. Global equity overweight reached net +50%, the largest monthly increase ever. Cash allocation fell to 3.9% from 4.3%, triggering BofA cash sell signal.
Long global semiconductors: 73% identified as most crowded. Long Magnificent Seven: 14%. Global equity overweight: net +50% (largest monthly increase ever). Cash allocation: 3.9% (down from 4.3%).
ETFGI April 2026 monthly report (Grade B) shows global ETF assets reached a record $21.91 trillion at end-April 2026, with $218.97 billion in net inflows during the month -- representing 83 consecutive months of net inflows globally. Equity ETF inflows accounted for $124.75 billion and active ETF inflows for $67.02 billion of the April total. No cross-sectional redemption stress visible in April data.
Global ETF assets reached a record US$21.91 trillion at the end of April 2026. Net inflows into ETFs listed globally were US$218.97 billion during April 2026, representing 83 consecutive months of net inflows.
ICI weekly combined flow data for week ended May 13, 2026 (Grade B) shows ETF net issuance of $57.27 billion and total estimated long-term mutual fund plus ETF inflows of $38.98 billion -- net-positive, confirming no cross-sectional ETF redemption event in the most recent available weekly window. The mutual fund component recorded outflows of $18.29 billion while ETF net issuance of $57.27 billion more than offset, producing a net positive total.
Total estimated inflows to long-term mutual funds and exchange-traded funds (ETFs) were $38.98 billion for the week ended May 13, 2026. ETF net issuance was $57.27 billion.
InvestingLive (May 19, 2026, Grade B) reports the BofA Global Fund Manager Survey for May 2026 shows a record rise in equity allocations by global fund managers, with cash levels declining from 4.3% to 3.9% -- the largest monthly decrease since February 2024. Only 4% of fund managers anticipate a hard landing. The broad bullish positioning is noted as a potential contrarian indicator but does not reflect a Mag-7 exit or ETF redemption spike consistent with a concentration unwind.
Record rise in equity allocations by global fund managers in May. Cash levels declined to 3.9% from 4.3%, representing the largest monthly decrease since February 2024. Just 4% of fund managers see a hard landing.
Reuters wire (May 19, 2026, Grade B; primary Bloomberg paywalled; sourced via Investing.com) reports BofA Global Fund Manager Survey May 2026 shows net 50% overweight equities -- most overweight since January 2022 -- up from 13% the prior month, steepest monthly jump since 2001. BofA strategist Michael Hartnett described early June as ripe for profit-taking given stretched positioning. Survey covers 200 respondents with $517B AUM, conducted May 8-14.
A net 50% of fund managers surveyed said they were overweight equities, compared to 13% the previous month. This is the steepest month-over-month jump since 2001, and makes fund managers the most overweight on equities since January 2022.
TradingView/Mace News (May 19, 2026, Grade C) reports BofA Global Fund Manager Survey May 2026 (200 panelists, $517B AUM, May 8-14, 2026): cash at 3.9% from 4.3%, global equities net 50% overweight from 13% in April, most crowded trades identified as long global semiconductors at 73%, long Magnificent 7 at 14%, and long oil at 6%. Sentiment indicator rebounded to 6.6 from 3.7 in April. Confirms no Mag-7 exit but rotation in crowded-trade ranking toward the semiconductor basket within tech.
Most Crowded Trades (May): Long global semiconductors 73%, Long Magnificent 7 14%, Long Oil 6%. Cash Levels: May 3.9%, April 4.3%. Global equities net overweight: 50% (May) vs 13% (April). Survey: 200 panelists, $517 billion AUM, conducted May 8-14, 2026.
Motley Fool sector analysis (May 19, 2026, Grade C) reports the S&P 500 information technology sector at 35% weight -- broadly consistent with SSGA-reported 37.35% IT weight within SPY after index-level vs. fund-level reconstitution differences. The S&P 500 is up approximately 8.5% year to date with a forward P/E above 21 and trailing P/E around 30.
The information technology sector has the largest weighting at 35% of the S&P 500. The index is up about 8.5% year to date, with a forward P/E of over 21 and trailing P/E around 30.