Fund managers are overwhelmingly bearish on the outlook the markets

Fund managers are overwhelmingly bearish on the outlook the markets and prefer cash over low yielding equivalents, that’s the key takeaway from Bank of America Merrill Lynch’s weekly Global Fund Manager Survey.

The survey, which was conducted during the first week of September with 208 panellists managing a combined $579 billion, revealed that the respondents’ average cash level increased to 5.5% in September, at the high end of the 4.2% to 5.8% range which has been in place since the 2013 “taper tantrum”.

• Hedge Funds Q2 letters
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When asked why they were running such a high level of cash fund managers responding to the survey overwhelmingly answered that they had: a) “a bearish...