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Investors stick to cash in the midst of concerns about recession survey of BofA

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Since the immediate aftermath of the attack on the World Trade Center in Sept 2001, investors have been hoarding cash at a rate not seen, BofA's April fund manager survey showed, as the coronavirus roiled global finance markets.

Results from BofA's monthly survey of nearly 200 global fund managers showed that the allocation of funds to cash jumped from 5.1 percent to 5.9 percent, suggesting a cash dash in the midst of expectations of recession.

Global equity allocation fell 29 percentage points to 27 percent month-on-month, to the lowest since March 2009, the bottom of the global financial crisis of 2008.

Investors have said it was U.S. For the second straight month, treasuries were the "most crowded" trade, while the "second wave" coronavirus was the highest risk to markets.