BofA: Fund Managers Holding the Most Cash Since 2001 [TheStreet.com]
Bank of America Corporation (BAC)
Last bank of america corporation earnings: 4/15 06:45 am
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Source: TheStreet.com
Stocks and bonds have tumbled this year, and fund managers apparently feel that more trouble could be coming. Bank of America’s monthly fund manager survey shows that its financial market stability risks indicator has hit a record high in May. In another apparent sign of concern about financial markets, fund managers have their highest cash levels since September 2001. When stock and bond market are volatile, investors often turn to cash as an alternative. The S&P 500 index has suffered a negative total return of 15% so far this year, and the Bloomberg U.S. Aggregate Bond Index has a negative total return of 10%. Fund managers have the biggest underweighting for stocks since May 2020. And they have the largest short exposure to technology stocks since August 2006, the survey says. Further Downside “Stocks are prone to imminent bear rally, but the ultimate lows have not yet been reached,” Bank of America strategists said, expressing their own view in a summary of the survey. As
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