Fund managers around the globe have moved underweight in Japanese equities for the first time since December 2012, according to Bank of America Merrill Lynch's latest survey.
The Global Fund Manager Survey revealed investors have moved to a net 3% underweight in Japanese equities, from a net 15% overweight in March. The findings also revealed notable underweight positions in Japan and eurozone banks, as investors rotated from these two areas, along with consumer discretionary stocks and commodities, into staples and cash. Average cash balances jumped up to 5.4% from 5.1% in March, as the majority of fund managers believe there will be no more than two Fed hikes in the next 12 months. Fund managers remained underweight emerging market equities for a reco...
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