(Bloomberg) -- Mohamed El-Erian said he's favoring cash when managing his own money. The idea is catching on in the bond market as benchmark 10-year U.S. yields rise to the highest level since May.
Mirae Asset Global Investments said it is building its cash position in one of its Asia bond funds during the U.S. presidential campaign. Fukoku Mutual Life Insurance says it hasn't been able to find value in the biggest bond markets. A survey of investors by Bank of America showed cash holdings match the highest levels since the terror attack on the U.S. on Sept. 11, 2001.