Fund managers have shifted the most into cash since the COVID-19 crisis first hit the West, a survey found. Cash levels surged to 5.9% in March from 5.3% after Russia’s invasion of Ukraine, the highest level since March 2020.
Cash levels surged to 5.9% in March from 5.3% after Russia’s invasion of Ukraine, Bank of America’s survey of global fund managers found, the highest level since March 2020.
Fund managers have moved into cash during other crises, too — as high as 8% during the dot-com selloff in 2001, and over 5% during both the global financial crisis of 2008 and the eurozone debt crisis in 2011 and 2012. Like those other periods, expectations for both the economy and profit are deeply underwater. Global growth expectations plunged to their lowest level since July 2008. But with inflation expectations are elevated, fund managers are still overweight stocks.
“Equity allocations are not at ‘recessionary’ close-your-eyes-and-buy levels,” said analysts led by Michael Hartnett, chief investment strategist for Bank of America.Bank of America said 341 panellists with $1 trillion in assets participated in the March survey. The S&P 500 SPX, +1.35% index has dropped three straight days and is down 13% from its record high in early January. A measure of global commodities SPGSCI, +0.80%, however, has climbed 22% this year.
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