Fund manager view on banks improves radically

The survey of 214 fund managers from across the globe found the net percentage of respondents who were underweight banks went from 48% in the March survey, to just 26% in the first week of April. Cash holdings have also been reduced with a fall in overweight positions from 41% last month, to just 28% now. Only 17% of respondents were underweight equities in April, down from 41% in March, with a move towards cyclical sectors. Gary Baker, co-head of international investment strategy at Banc of America Securities-Merrill Lynch Research, says: "Improving sentiment on financials has dec...