Owning big U.S. tech stocks is once again the most popular trade, according to BofA's monthly fund manager survey, as upbeat earnings and improved sentiment towards the global economy send investors back into stocks.

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Forty-five percent of the 169 participants in August's survey, who have $413 billion in assets under management, said they thought the most crowded trade was "long Magnificent 7", a group of large U.S. tech stocks, including Nvidia (NVDA) and Microsoft (MSFT).

Strong earnings have helped big tech stocks to bounce back sharply since their tariff induced selloff in April. They were last seen as the most crowded trade in March, the survey, which was released on Monday, showed.

Broad investor sentiment improved in August, with just 5% of asset managers positioning for a hard landing, characterized by a sharp slowdown in economic growth.

A net 14% of those surveyed were overweight global equities, the highest since February, though still down sharply from net 49% overweight in December.