With the market and economy turbulent, fund managers are steering away from equities and toward the safe haven of cash.

Global investors hold an average of 5.2% of their portfolios in cash, according to the BofA Merrill Lynch Survey of Fund Managers for August. That’s up from 4.1% in July and close to the high of 5.5% reached in December 2008. What’s more, a net 30% are overweight cash compared with their benchmark, the highest level since March 2009.

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