The survey showed the biggest jump in global growth optimism since May 2022, a record jump in allocation to commodities, and equity allocation at a 27-month high.

Cash levels fell to 4.2% of assets under management from 4.4% a month earlier, while investors were a net 14% underweight bonds, a 20-percentage point month-on-month drop, the most since July 2003.

The survey of 224 asset managers with $638 billion of assets under management was carried out between April 5 and 11.

(Reporting by Alun John; Editing by Amanda Cooper)