According to Bank of America’s monthly fund manager survey, there was the second-biggest drop in global growth expectations in the history of the survey, the biggest drop in the allocation to U.S. equities and the biggest jump in the allocation to cash since March 2020.

Shares of Bank of America (NYSE: BAC) are down approximately 14% from their 52-week high amid the broader stock market sell-off. Concern over the U.S. economy and the impact of trade tariffs being implemented by the Trump administration have marked a decisive shift in investor sentiment.

Fund managers made their biggest cuts in U.S. equity allocations ever in March and bumped their cash allocations by the most in five years, according to Bank of America’s (BAC) monthly survey of the industry.