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Investors have recovered their bullishness towards equity markets but are shifting their focus away from Europe and into the US and Japan, according to the BofA Merrill Lynch Survey of Fund Managers for March. After weakened sentiment in February, investors have restored their faith in equities with a net 46 percent of asset allocators saying they are overweight the asset class, up from 33 percent the previous month. Cash positions have fallen with respondents at a net neutral cash allocation compared with a net 12 percent underweight in February. Asset allocators have retrenched from Europe, however. A net 21 percent are underweight European equities this month, up sharply from a net 2 percent overweight in January. The change in favor of US equities has been similar. A net 19 percent of...
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