While traders are making bank chasing Apple to a $3 trillion market cap, many in the market are adding cash to their accounts amid heightened concerns around the Omicron variant and a more hawkish Federal Reserve.
Bank of America’s monthly fund manager survey out Tuesday found cash allocation among investors surged 14 percentage points in December from November. Fund managers were net 36% overweight cash, the highest allocation to the asset class since May 2020.
Besides cash, investors also…
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