BofA, which polled investors overseeing $836 billion in assets, said on Tuesday that equity allocations remained negative at minus 26%, but that was an improvement on the lows of minus 44% in July, levels last seen in the 2008 global financial crisis.
Stocks have rallied in the past two months after a brutal first half of 2022, and BofA said August saw a big rotation into U.S stocks, technology and consumer shares while investors sold out of defensive stocks such as utilities and consumer staples and UK equities.
The share of uninvested cash in portfolios dropped to 5.7% from 6.1% in July, but remained "very high", BofA said.
(Reporting by Lucy Raitano; Editing by Tommy Reggiori Wilkes)
