Fund managers underweight all assets over virus fears
A mass dash out of equities and into cash has come as the IMF unveils bleak economic projections for what it says could be the worst downturn since the Great Depression.
As the International Monetary Fund drastically cut its economic growth forecasts yesterday (April 14) and issued a hugely grim outlook, figures also emerged showing the extent of investor fears about the deepening impact of the coronavirus outbreak.
According to Bank of America Merrill Lynch’s April survey of fund managers, cash levels have soared to 5.9% (from 5.1% in March and 4% in February) to their highest since the September 11, 2001 terrorist attacks in the US.
Fund manag…
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