Investors believe stock markets are 'overvalued': BofA survey

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Cash levels at fund managers dropped in June to 4.7% from 5.7% last month as fear of prolonged recession fell to net 46% in June versus 93% in April, BofA’s survey of 212 fund managers with $598 billion in assets under management showed.

BofA said the recent optimism in markets was “fragile”.