Managed money cash positions, which remained high through much of 2015, have pulled back in the final quarter of this year. Midway through the year, average cash balances hit their highest rate since the Global Financial Crisis, but with inflation expectations notably higher after latest US payroll data there has been a step-up in exposure to equities.
The latest survey in fund managers' sentiment from BoA/Merrill Lynch also indicates that concerns over a slowdown in China have abated to a degree, with local fund managers turning neutral on the country's growth outlook – something of an improvement from attitudes through much of the past 15 months.
