BofA: Credit crunch fears drive investors into highest bond allocation since GFC

According to the Bank of America Global Fund Manager survey, the allocation to bonds is up 9 percentage points month-on-month to a net 10% overweight, the largest since March 2009.  The April survey marked the most pessimistic month among investors so far this year, as they brought down their equity allocation by 2 percentage points to a net 29% underweight. This underweight relative to bonds is now at levels not seen since the GFC. Economic growth expectations neared historic lows over the month, with 63% of investors expecting a weaker economy, the most pessimistic since December la...