May AAII Asset Allocation Survey: Equity Allocations Surpass Previous Two-Year High

Individual investors’ allocations to equities increased in the May Asset Allocation Survey.

Stock and stock fund allocations increased 1.0 percentage points to 70.4%. Stock and stock fund allocations are above their historical average of 61.5% for the 48th consecutive month. Stock and stock fund allocations were last higher in December 2021 (70.5%).

Bond and bond fund allocations decreased 0.1 percentage points to 13.8%. Bond and bond fund allocations are below their historical average of 16.0% for the fourth time in seven months. Bond and bond fund allocations were last lower in November 2022 (13.6%).

Cash allocations decreased 0.8 percentage points to 15.8%. Cash allocations are below their historical average of 22.5% for the 18th consecutive month. Cash allocations were last lower in December 2021 (15.1%).

• Stocks and Stock Funds: 70.4%, up 1.0 percentage points
• Bonds and Bond Funds: 13.8%, down 0.2 percentage points
• Cash: 15.8%, down 0.8 percentage points

• Stocks: 33.6%, up 2.7 percentage points
• Stocks Funds: 36.8%, down 1.7 percentage points
• Bonds: 4.5%, down 0.1 percentage points
• Bond Funds: 9.3%, down 0.0 percentage points

• Stocks/Stock Funds: 61.5%
• Bonds/Bond Funds: 16.0%
• Cash: 22.5%