BofAML survey: Investors most bearish since 2011

High allocation to cash

Investors have the worst outlook on the global economy since 2011, according to the latest Bank of America Merrill Lynch fund manager survey, driven by fears over slower global growth and US decoupling.

The survey of 244 panellists between 7-13 September with $742bn in assets under management globally, found a net 24% of investors expected global growth to slow in the next year.  The figure, up 7% from August, is the worst outlook since December 2011.  As a result, they have increased their cash balance to an average of 5.1%, an 18-month high, and above the ten-year cash average of 4.5%.  BofAML survey: US equity exposure reaches three-year high as investors 'flock to safe havens' Fears were driven by the decoupling between the US and the global economy, with 48% saying the dec...