Retail Investors Lift Stock Allocation as Cash Allocation Hits Nine-Year Low

Retail investors raised their stock allocation to 71.8% in September 2026, the highest level since December 2017, even as a separate sentiment survey showed most respondents expected stocks to decline.

Stocks represented 71.8% of surveyed portfolios, up 0.7 percentage points from August and above the 61.5% historical average for the 76th consecutive month. The reading was the second-highest since July 2000.

Stock funds drove most of the monthly increase. Their allocation rose 0.73 percentage points to 38.35%, while direct stock holdings were nearly unchanged at 33.44%.

Cash allocation fell by about one percentage point to 13.3%, the lowest level since December 2017. Cash remained below its 22.5% historical average for the 46th consecutive month and stood 9.2 percentage points below that benchmark in September.

Bond and bond-fund allocations increased by about 0.3 percentage points to 14.9%, remaining below their 16% historical average.

The portfolio data differed from responses in a separate sentiment survey conducted on Sept. 19, 2026. In that survey, 53.3% of respondents expected stocks to decline, while 28.8% expressed bullish expectations.

The figures describe stated allocations and expectations among survey respondents rather than the positioning of every U.S. retail investor. They also do not show whether portfolio changes resulted from new purchases, rising market values or both.