As the market continues to gyrate in a fairly broad trading range and fund managers continue to de-risk portfolios, a great deal of sector reallocation has taken place. Clearly, financials continue to be the global sector whipping boy, but managers have finally begun to lighten up on the stalwart leaders of the previous bull move higher -- industrials and materials.
According to the recently released Bank of America/Merrill Lynch Global Fund Manager Survey, hedge fund managers have slashed net exposure to equities to 19% from 33% at the beginning of August, approaching the low levels of July 2010. Cash levels have reached their highest level since early 2009. In terms of market sectors, tech, pharma, staples and telecoms were last month's big winners, while banking, insurance and discretionary sectors were the biggest losers....782 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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