LONDON (Reuters) - Global investors changed their expectations on the global economy in the wake of Donald Trump's election win, and now see higher growth than they did before, as well as higher inflation, according to Bank of America's monthly fund manager survey.

As a result, investors have increased their allocations to U.S. stocks and to U.S. small caps, which are more domestically focused and so potentially likely to benefit particularly from a stronger U.S. economy.

BofA polled 179 participants with $503 billion assets under management. Of those, 22% responded after the U.S. election, won by Republican former president Trump.

A net 23% of those polled after the result said they expected the global economy would get stronger in the next 12 months, the most optimistic since August 2021.

This is a turnaround from October's survey, which had shown more respondents thought the economy would be weaker in 12 months' time.

Alongside that was a shift in inflation expectations, and a net 10% of post-election respondents expect higher inflation in the next 12 months, the most since July 2021.

In contrast, a net 44% of those polled in October thought global CPI would be lower in 12 months' time. This dropped to a net 16% in November as a whole.

Investors upped their allocations to U.S. stocks. A net 29% are overweight U.S. equities, the highest since August 2013, the survey showed.

(Reporting by Alun John; Editing by Amanda Cooper)