Global investors turned sharply bearish in March as the ongoing war with Iran and mounting concerns about private credit markets ended months of “frothy optimism,” according to Bank of America’s monthly Global Fund Manager Survey released Tuesday.
Cash levels among the 210 fund managers surveyed — who collectively oversee $589 billion in assets — surged to 4.3 percent of portfolios from 3.4 percent in February, the largest single-month jump since the onset of COVID in March 2020. BofA uses cash levels as a contrarian indicator, issuing a “sell” signal when cash falls to or below 4 percent, on the theory that low cash means managers are fully…
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