(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.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.