According to online reports, Bank of America's July global fund managers survey showed that investors believe that shorting the US dollar is currently the most crowded transaction, with about 34% of respondents holding this view. This is the first time in the history of the survey that shorting the dollar has replaced long gold as the most crowded trade. Investors have the lowest allocation of positions in the U.S. dollar, as well as stocks in the energy and consumer necessities sectors. The survey showed that 47% of investors believe the dollar is overvalued, down from 61% in the June survey. In addition, 14% of investors believe that a sharp fall in the dollar due to capital outflows is the third largest tail risk (i.e., an event with a low probability of occurrence).