Some 56% of those surveyed cited this as their No. 1 overseas risk for Latin American markets, up from 12% last month and far ahead of US elections (15%) and a strong US dollar (just over 10%). The Bank of America Merrill lynch survey of 52 fund managers with approximately $103 billion of assets under management was carried out from February 6 to February 13. Reflecting the greater degree of risk aversion, their average cash position shot up to 5.2% from under 3.0% in January, the highest since BAML began the Latin American fund manager survey two years ago, the bank said.

Copyright Reuters, 2020