Fund managers are the most bullish they have been on global equities they have been in a decade, with 67% overweight the asset class, according to the February BoA Merrill Lynch Survey of Fund Managers, which surveyed 188 fund managers with total assets of $569 billion under management. This is up from 55% in January and 40% in December.

In step with this, the appetite for bond and cash allocations is decreasing, with 66% underweight bonds, up from 54% in January. The spread between equity overweights and bond underweights is the largest it has been since the survey began.

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