MILAN, April 18 (Reuters) - Investors lifted bond
allocations in April to the highest since March 2009 and kept
cash levels at an elevated 5.5%, deterred by worries about a
credit crunch, hawkish central bank action and concerns over the
economy, a BofA survey showed on Tuesday.
The survey of fund managers found that commercial real
estate in the United States and Europe was seen as the most
likely source of the next credit event, and a net 63% of
respondents expected weaker growth in the next year.
Investors rotated their portfolios into U.S. markets,
healthcare, staples and tech and cut exposure to Europe, UK,
energy and financials. "Long big tech" and "short US banks" were
the most crowded trades in April, the survey of 286 fund
managers with combined $728 billion in assets also showed.
(Reporting by Danilo Masoni, editing by Alun John)
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