LONDON: Investors are more concerned about the outlook for global growth than at any time since the global financial crisis in 2008, and they have ramped up their cash holdings to a two-year high, according to a monthly fund manager survey by BofA.
The majority of investors managing about US$1 trillion in assets polled between Mar 4 and 10 now expect an equity bear market in 2022 and allocations to global equities have dropped to their lowest levels since May 2020. Cash levels among investors rose to nearly 6 per cent while allocations to commodities soared to a record 33 per cent. The top crowded trade is long oil/commodities, the US investment bank said in the note.
Investors have also slightly increased their expectations for the number of rate hikes from the US Federal Reserve in 2022 at the same time as liquidity conditions have worsened considerably to their lowest since the coronavirus pandemic hit financial markets in March and April 2020. "This is notable because central banks have historically have been much less inclined to hike when liquidity conditions are very poor," BofA said.
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