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Investors have sought refuge in U.S. markets that Euro-zone states delivered a financial package to allay sovereign debt concerns, according to the BofA Merrill Lynch Survey of Fund Managers for May. The survey, conducted from May 7-13, shows how global investors are buying U.S. equities and retaining confidence in the U.S. dollar while the survey’s risk indicator experienced its largest one-month fall since 2003.
Average cash balances rose to 4.3 percent of portfolios from 3.5 percent in April and the proportion of investors overweight global equities slipped sharply to a net 30 percent from a net 52 percent in April. But the number of respondents overweight U.S. equities ticked upwards in April. A net 66 percent of the panel expects the dollar to appreciate the most of...
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