Investors have piled into cash at the fastest rate since the Covid pandemic, as the war in Iran and worries over private credit puncture a previously bullish mood in markets.
Average cash holdings in portfolios rose to 4.3 per cent of assets under management in March, up from 3.4 per cent in February and the biggest monthly jump since March 2020, according to a closely watched survey of fund managers by Bank of America.
The figures mark a sharp reversal since January, when cash levels were at a record low of 3.2 per cent, signalling investors’ positive outlook for stocks, boosted by hopes of economic growth.
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