Asset managers remain invested in the S&P

Since July 26, 2021, asset managers have reduced their exposure to the S&P 500. However, last week, they increased their exposure.

BofA came out to mention that retail traders have piled in HG bonds and stocks other than tech stocks. On the other hand, they reiterated that they expected interest rates and bond yields to keep rising. This could further impact valuations of stocks, especially growth stocks.

Question is, who is right?