Global investors have been pulling away from U.S. equities faster than ever before, according to a new survey from Bank of America Global Research.

The firm's latest monthly fund manager poll, released Tuesday, found that 36% of participants are now underweight U.S. stocks. That marks a steep 53-point drop from February—the biggest two-month shift since the survey began. The findings are based on responses from 164 fund managers overseeing a combined $386 billion in assets.

Worries about a slowing global economy and rising geopolitical tensions are weighing heavily on sentiment. Roughly 42% of those surveyed now expect a global recession, the highest reading since June 2023 and among the highest in the last 20 years.

Many investors said they see a potential trade war as the biggest threat to markets. U.S. President Donald Trump's recent tariff proposals have added pressure on American assets, including stocks, the dollar and government bonds. Although the S&P 500 index bounced back slightly on Monday, it's still down around 8% so far this year.

Confidence in the idea of U.S. outperformance also appears to be fading. Nearly three-quarters of fund managers said the “U.S. exceptionalism” narrative has likely run its course. Reflecting that shift, “long gold” has now overtaken U.S. tech as the most crowded trade for the first time in two years.

Currency expectations are also changing. A net 61% of investors said they believe the U.S. dollar will weaken over the next 12 months—the most bearish stance since 2006.

Together, the responses suggest investors are stepping back from U.S. assets as they navigate shifting policy, rising risks and a more uncertain outlook for global growth.