Global fund managers still see a trade war as the biggest “tail risk” facing investors. Around 57% of fund managers cited “trade war” as the biggest tail risk, putting it at the top of the list for a third straight month, the Bank of America Merrill Lynch survey of fund managers found. The survey of 185 managers with $534 billion in assets under management was conducted between Aug. 3 and 9. Meanwhile, investors have continued to pile into U.S. stocks. The survey found participants were the most overweight U.S. equities since January 2015. Allocation to U.S. equities rose 10 percentage point to a net 19% overweight, making it the top equity region for the first time in five years. The earnings outlook for U.S. companies was at a 17-year high.via