BofAML survey finds investors hiking cash amid concerns equities are 'overvalued'

Favouring cryptocurrency and technology

Investors' average cash balance rose for the first time in four months in December's Bank of America Merrill Lynch (BofAML) Global Fund Manager survey, indicating a slightly more bearish attitude after risk taking hit an all-time high last month.

The survey, which questioned 203 panellists with $558bn assets under management, found cash had been increased from 4.4% in November to 4.7% in December, back above the 10-year average of 4.5%. BofAML survey: Investors' risk-taking has hit an all-time high Michael Hartnett, chief investment strategist at BofAML, commented: "Despite surging credit and equity markets, investors increased their cash balance back into buy territory. "This paves the way for more risk asset upside in the beginning of 2018." On the equities side, the number of investors who felt equities were overvalue...