Funds’ Cash Allocation At Highest Level Since 2001

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Respondents reported cash levels of 5.8%, up from 5.7% in June the highest since November 2001 indicating that many fund managers believe there are few if any assets worth buying in this market.

Bearish on the outlook for stocks, long cash, credit, quality and short the EU that seems to be the prevailing view of fund managers surveyed by Bank of America at the beginning of this month. One hundred and ninety-five panellists with a total of $537 billion in assets under management took part in the bank’s regular…