LONDON, (Reuters) – Investors are now more worried about global growth prospects than ever since 2008’s global financial crisis. According to a BofA monthly survey of fund managers, they have increased their cash holdings by two years.

According to polls conducted between March 4-10, an overwhelming majority of investors who have assets in excess $1 trillion expect an equity bearishment in 2022. Additionally, allocations to global shares are at their lowest point since May 2020.

The cash level of investors jumped to almost 6 percent, and commodities were allocated at a record 33%. According to the U.S. Investment Bank, long oil/commodities is the most crowded trade.

Investors also have slightly increased their expectations regarding the U.S. Federal Reserve’s rate hikes in 2022. However, liquidity conditions have been deteriorating to the lowest point since March 2019 when the coronavirus pandemic struck financial markets.

BofA noted that historically, central banks are less inclined to increase liquidity levels when they have very little.