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BAML fund manager survey: Cash levels highest since financial crisis

Jul. 14, 2015 10:07 AM ETILCB, VV, ZTR, CRF, FEX, EEH, USA, EQL, IWL, SCHX, FWDD, ERW, SYE, ZLRG, SBUSBy: Stephen Alpher, SA News Editor7 Comments
  • The cash level of 5.5% among those fund managers surveyed is the highest since Lehman, says BAML's Michael Hartnett, adding that cash above 4.5% has proven to be a contrarian buy signal in the past.
  • Confidence in the global economy tumbled to 42% from 55% a month earlier - keep in mind the survey was conducted amid the Greek crisis, and the crash in Chinese stock prices. The boosted pessimism surrounding China has led commodity allocations to a six-month low, with emerging market equity allocations at a 16-month low. Gold, however, is being judged as undervalued for the first time in five years.
  • As for European stocks, the appetite to be overweight rises despite the potential for a breakdown in the eurozone.
  • ETFs: CRF, VV, USA, SCHX, ZF, FEX, JKD, EEH, EQL, IWL, ERW, FWDD, ZLRG, SYE, SBUS

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