Pessimistic managers raise cash holdings, cut EM positions
Investors adopt a wait-and-see approach after high oil prices dampen their views on the global economy, reducing their exposure to equities and commodities.
High commodity prices are sapping confidence in corporate profitability and global growth, with fund managers raising cash holdings and further cutting emerging market positions.
The average cash balance rose to 4.1% in March, from 3.5% in February, according to the latest Bank of America-Merrill Lynch global fund managers survey.
“It feels like wait and see rather than risk aversion,” the bank notes in its report. “Cash is replenished, but this could reverse with easing Mena ge…
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