Investors remain cautious as second wave fears grow - BofA survey

The number of fund managers that believe the stockmarket is ‘overvalued' fell back from June's survey but remained at all-time highs of 71% in July. Meanwhile, cash levels within institutional funds increased to 4%, from 3.3% in June; retail funds' cash weightings decreased slightly to 4.8%, from 5.2%. The most crowded trade, meanwhile, remained ‘long tech and growth', as so-called ‘work from home stocks' thrive amid the coronavirus pandemic leaving most office workers in situ. At 74% of respondents, July's reading for most crowded trade was the highest ever recorded. 'Undoubtedly wor...