BofAML survey: Fund managers at their most bearish since 2009

Cash balance surges

clock • 1 min read

Fund managers are at their most bearish since the global financial crisis and are hiking portfolio cash levels, according to the June Fund Manager Survey from Bank of America Merrill Lynch (BofAML).

The average cash balance in June jumped to 5.6%, from 4.6%,  the biggest jump since the US debt ceiling crisis in 2011 but still slightly below February 2019's level. Fund managers also expressed their caution by reducing global equity allocations by 32 percentage points - the second largest drop ever - to 21% net underweight, the lowest allocation to equities since March 2009. Fund managers' allocation to bonds, meanwhile, has risen 12 percentage points to 22% underweight, which is the highest allocation since September 2011. This combination led the relative allocation of equitie...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Economics / Markets

Bank of England warns of future rate uncertainty after vote to hold at 3.75%

Bank of England warns of future rate uncertainty after vote to hold at 3.75%

One vote to hike rates

Michael Nelson
clock 30 April 2026 • 2 min read
Navigating an uncertain environment: Applying a disciplined, data-driven approach

Navigating an uncertain environment: Applying a disciplined, data-driven approach

'​Looking ahead, the fundamental case remains constructive'

Fahad Hassan
clock 28 April 2026 • 2 min read
UK inflation rises to 3.3% in March as Iran conflict impacts fuel prices

UK inflation rises to 3.3% in March as Iran conflict impacts fuel prices

Motor fuel rose 4.7%

Michael Nelson
clock 22 April 2026 • 2 min read