Tuesday, July 19, 2016 - 12:06 BOAMerrill Fund Survey: Cash Lvls At '01 Highs; PMs OW US Stks 0
By Vicki Schmelzer
NEW YORK (MNI) - Global investors increased their cash holdings to 5.8% of assets under management, the highest level since November 2001, according to the findings of BOA Merrill Lynch's July global fund managers survey, released Tuesday.
With cash holdings continuing to be high and investor buying of protection against a larger sell-off in world stock markets also at record levels, the contrarian view would be "bullish for risk assets," the survey said.
This would be "despite Brexit" and "terrorism," the S&P 500 at all time highs and U.S. Treasury yields hitting life-time lows, the survey said.
The focus was on world central bank easing and the fear that this will not be enough to...