Despite Rising Markets, Fund Managers Still Love Cash

Global fund managers are more bullish on US stocks than they have been for 17 years according to Bank of America Merrill Lynch’s latest global fund manager survey.

The survey, compiled by the bank’s chief investment strategist Michael Hartnett, using responses from 243 panelists, with a combined $735 billion in assets under management, shows that institutional investors continue to believe that a “trade war” remains the biggest market tail risk, although conviction is slightly down from last month, which was the “highest since concerns surrounding EU sovereign debt funding in Jul 2012.”

According to the survey, institutional investors surveyed by Bank of America also...