BofAML survey finds jump in managers taking out equity protection

The September Global Fund Manager survey of 214 panellists with $629bn in AUM found participants were becoming more defensively-positioned in preparation for a possible market pullback.  As well as increased numbers buying protection, the average cash balance was 4.8%, above the 4.5% ten-year average. Some 30% said they would find an equity bubble the 'least surprising event' over the next 12 months. There were similar fears about the fixed income market, with 81% of investors describing bonds as 'overvalued'; the highest level for nearly a year. Michael Hartnett,  chief investm...