BofAML survey: 'Skittish' investors shunning equities

Despite improved risk appetite

clock • 2 min read

Investors' exposure to global equities fell to their lowest level since December 2016 in March despite reduced cash balances suggesting an increased risk appetite, according to the latest BofAML Global Fund Manager survey.

Bank of America Merrill Lynch (BofAML) said "skittish" investors were now 3% overweight global equities, while cash balances had fallen to 4.6% and allocations to cash had declined four percentage points to net 40% overweight, down from last month's decade-long high. In its commentary of the survey, which comprised 239 panellists with total AUM of $664bn, the bank noted that equity allocations have only been negative once in the past six years. The survey found investors are typically long defensives and rate-sensitive assets, and short cyclicals. Half of fixed income investors pre...

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