July’s Bank of America Merrill Lynch Fund Manager Survey records an increase in risk appetite, with average cash balances falling from June – although managers still hold significantly more cash than they have over most of the past decade. The allocation to global equities is overweight benchmarks, with net 23 per cent of professional investors surveyed choosing to be OW emerging market regions and the number OW the US and the eurozone tied at net 9 per cent.
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