Global fund managers are rushing into equities at a record pace: Fund managers' cash allocation has dropped to 3.9%, the second-lowest in 12 years, according to a BofA survey of 175 participants with 434 billion in assets. This marks the third consecutive monthly decline since the 4.8% recorded in April. Meanwhile, the risk level in investor portfolios reached its highest level on record, dating back to 2001. This comes as fund managers’ allocation to technology stocks saw its largest 3-month increase since 2009. Bullish investor sentiment has rarely been stronger.