Fund managers' allocation to stocks is at an 18-month low, and many believe the market has peaked or will peak this year.
The allocation to global technology shares also fell sharply — to a five-year low, according to the latest monthly Bank of America Merrill Lynch Fund Manager Survey.
The allocation to equities dropped to a low of net 29 percent, down from 41 percent in March. BofA said the current allocation is back at its long-term average.
Forty percent of the fund managers surveyed believe equities will peak in the second half of this year, but 18 percent believe they've already peaked. Another 39 percent see the peak next year or later...