Bank of America's monthly fund manager's survey quizzes 230 leading investors who are now at their most bearish since the global financial crisis.
They have 5.6% of their holdings in cash, the most since 2011. Undeployed cash is a contrarian"buy" signal, BofA says.
Cash levels jumped to 5.6% from 4.6% of AUM, according to a note authored by BofA's Michael Hartnett, Jared Woodard, and Tommy Ricketts. The authors say that the cash level, taken with other factors, has generated the"most bearish survey of investor confidence since the Global Financial Crisis." The survey also indicated a trend away from equity allocation, with the largest drop since August 2011.
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