Bank of America Merrill Lynch’s regular global fund manager survey provides an interesting insight into how fund managers are trading in the current environment. Compiled by Chief Investment Strategist Michael Hartnett, the survey gauges the current sentiment of 213 panelists with $645 billion in assets under management. Today, the bank published the results of the survey conducted during the period 5 to 11 May. According to the report on the topic, despite the market’s steady grind higher, respondents are still holding an elevated level of cash, but, on the other hand, they are dumping equity hedges.
The average cash weighting reported...
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