The Bank of America Merrill Lynch (BofAML) Global Fund Manager Survey for November has just been released. The survey was conducted from 9 to 14 November, i.e. after the US election results were known. Responses were provided by 177 fund managers from around the world with combined assets under management of US$456 billion. The main findings from the survey are as follows: -Global growth and profit expectations rise to one-year highs -The US election result is seen as unambiguously positive for nominal GDP growth -Inflation expectations soar to 12-year highs -The number of investors expecting yield curve steepening surges by a record amount -Cash levels drop substantially from 5.8% to 5.0% in November, the largest monthly drop since August 2009