Investors have grown even more fearful of tech stocks in May, slashing their allocations to the lowest level in nearly 16 years.
Investors have grown even more fearful of tech stocks in May, slashing their allocations to the lowest level in nearly 16 years, according to a closely watched Bank of America gauge. Professional investors responding to the bank's Global Fund Manager Survey indicated they had reduced technology to a net 12% underweight, a reduction of 23 percentage points on the month and the shortest position since August 2006.
Portfolio managers in the survey listed the general tightening climate among global central banks as the top "tail risk" threatening returns. That was followed by recession and risks from inflation. Other parts of the Bank of America survey reflect broad worries about the market's direction. Cash levels have risen to a 6.1% allocation, up from 5.9% in March and the highest allocation since the Sept. 11, 2001 terror attacks.
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