LONDON (Reuters – Global growth is a concern for investors, who are increasing their cash holdings to their highest levels in 20 years, according BoFA Securities’ monthly survey to fund managers.

It is now 13% lower than April’s April survey, which showed that investors manage $1 trillion of assets.

BofA stated that growth expectations are still low, and optimism regarding the economy fell to an all-time low.

Investors consider global recession (27%), and hawkish central banks (31%), to be their biggest tail risk. Inflation (18%) is receding, and fears of war (10%) are decreasing.

From 5.5%, the last survey showed that cash levels for investors increased to 6.1%. Top picks included commodities, healthcare and staples. Technology, Europe, emerging markets, and Europe were not considered.

BofA stated that the May survey of fund managers was “extremely bearish”, but it still missed the “full capitulation” part, as investors expect more rate increases than cutbacks.

In reality, investors have increased their expectation for Fed rate hikes in tightening cycles. They now see 7.9 increases, up from 7.4 hikes in April.

BofA noted in the note that long crude/commodities remains the most crowded trade.