BofAML survey: 'Skittish' investors shunning equities

Bank of America Merrill Lynch (BofAML) said "skittish" investors were now 3% overweight global equities, while cash balances had fallen to 4.6% and allocations to cash had declined four percentage points to net 40% overweight, down from last month's decade-long high. In its commentary of the survey, which comprised 239 panellists with total AUM of $664bn, the bank noted that equity allocations have only been negative once in the past six years. The survey found investors are typically long defensives and rate-sensitive assets, and short cyclicals. Half of fixed income investors pre...