Global fund managers stay bearish on equities; recession top worry: BofAML

According to BofAML, trade war, Monetary policy impotence, bond market bubble and a credit event are some of the other 'tail risks' that the fund managers seem to be wary about

Global fund managers remained bearish on equities as an asset class in October with average cash levels rising to 5 per cent during the month from 4.7 per cent in September, reveals the latest Fund Manager Survey from Bank of America Merrill Lynch (BofAML). However, the October’s cash level is much less than the 5.7 per cent level in June 2019, but a tad above the 10-year average of 4.6 per cent.

The October Global Fund Manager Survey (GFMS), which was conducted from October 4 – 10, saw an overall total of 230 panellists with $620 billion worth of assets