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On the other hand, many have been rotating out of the once high-flying technology stocks after the recent stumble in the tech sector. According to the BAML survey, allocations to global tech sector slipped to the lowest level since February 2009, with 18% of respondents indicating they were overweight the sector, compared to 25% last month.

As investors rotated out of the once hot sector, many have turned to cheap plays like emerging markets. Brian Sterz, portfolio manager at Miracle Mile Advisors, said his firm recently shifted more into emerging markets and developed international stocks.

“We want to buy things when they’re coming out of the doldrums and their valuations are cheap,” Sterz told the WSJ.

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