10 most Overweight and Underweight stocks in long-only U.S. funds
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Long-only funds across the globe cut cash levels and boosted exposure to stocks in November, according to the BofA global quant strategy team.
Funds added more than $65B in active equity exposure relative to benchmarks, quant strategist Nigel Tupper wrote in a note Tuesday. The S&P 500 (SP500) (NYSEARCA:SPY) rose more than 5% last month, while global stocks (URTH) rose more than 7%. 
Global funds are most Overweight European equities and most Underweight U.S. equities. Among sectors they are most Overweight Industrials and most Healthcare and Underweight Financials and Utilities. The average cash balance is highest in Japan at 6.1%.
Looking at positioning for U.S. funds, BofA caculates "weights relative-to-benchmark ('active weight') for every stock in that portfolio."
"We aggregate these active weights across all funds," Tupper said.
The top U.S. Overweights:

Energy Transfer (NYSE:ET)
Enterprise Products (NYSE:EPD)
NextEra Energy (NEE)
Flex (FLEX)
Warner Music (WMG)
TechnipFMC (FTI)
Plains GP (PAGP)
BioNTech (BNTX)
Visa (V)
monday.com (MNDY)

The top U.S. Underweights:

Home Depot (HD)
JPMorgan Chase (JPM)
Amazon.com (AMZN)
Procter & Gamble (PG)
Chevron (CVX)
Exxon Mobil (XOM)
Tesla (TSLA)
Berkshire Hathaway (BRK.A) (BRK.B)
Microsoft (MSFT)
Apple (AAPL)

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