Global fund managers bought into October correction: BofAML survey

Fund managers expect non-US equities to be the best performing asset class in 2019 with 45 per cent respondents agreeing, followed by S&P 500 (17 per cent)

Global fund managers bought into the market correction in October, reveals Bank of America Merrill Lynch’s (BofAML’s) the fund manager survey for November, with their cash levels dropping from 5.1 per cent to 4.7 per cent month-on-month (MoM). 

The cash, according to the survey, was used to buy US and emerging market (EM) stocks, REITs and healthcare scrips. On the other hand, allocation to global technology sector hit its lowest level since February 2009.

An overall total of 225 panellists with $641 billion in assets under management (AUM) participated in the survey. 174 participants with $513 billion in AUM responded