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To the mattresses: Cash levels highest in nearly 15 years

Despite the post-Brexit market rally, fund managers have gotten even more wary of taking risks.

The S&P 500 has jumped about 8.5 percent since the lows hit in the days after Britain's move to leave the European Union, but that hasn't assuaged professional investors. Cash levels are now at 5.8 percent of portfolios, up a notch from June and at the highest levels since November 2001, according to the latest Bank of America Merrill Lynch Fund Manager Survey.

In addition to putting money under the mattress, investors also are looking for protection, with equity hedging at its highest level in the survey's history.

Tail risk hedging

Source: BofA Merrill Lunch Global Fund...

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