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Average cash levels jumped to 4.7% from 4.2% this month among fund managers surveyed by BAML,...

Average cash levels jumped to 4.7% from 4.2% this month among fund managers surveyed by BAML, with nearly 25% overweight cash (6% in March). The biggest "tail risk" is no surprise, with 38% believing it to be Europe. A higher percentage (56%) expect a negative surprise from France than from Italy, Greece, or Portugal.
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