Professional investors reduced cash allocations and moved back into riskier parts of the market in July, according to the latest Bank of America Merrill Lynch Fund Managers Survey.
Market pros in July reduced cash allocations, though still to a point that is well ahead of historical averages. At the same time, survey respondents said they rotated back into risk, particularly in the more cyclical parts of the market like industrials, banks and European equities. In doing so, they cut back on safe haven bonds, utilities, consumer staples and real estate investment trusts, the survey indicated.
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