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VC10X Pulse - DASH FOR CASH: Why Investors Are Moving to Risk-Off Assets, and Cash Levels Now Exceed COVID Peaks
· 15 min
Episode VC10X Pulse - DASH FOR CASH: Why Investors Are Moving to Risk-Off Assets, and Cash Levels Now Exceed COVID Peaks
Global money market funds just hit a record $8.24 trillion in assets — 65% above the COVID-era peak of $5 trillion. This month's Bank of America Global Fund Manager Survey recorded the single largest jump in cash allocations since March 2020. So what's driving it?
In this episode, we break down the three forces behind the fastest institutional rotation to cash since the pandemic: the U.S.-Israel war on Iran and its impact on oil markets, a stagflation repricing that shifted consensus in 60 days, and private credit systemic risk that 63% of fund managers now consider the most likely source of the next credit event.
KEY DATA REFERENCED
→ BofA Global Fund Manager Survey, March 2026 — 210 managers, $589B AUM
→ ICI / Crane Data — MMF assets $8.24T (Feb 2026)
→ Brent crude: $70 → $102 in under three weeks
→ Berkshire Hathaway cash: $381.7B — an all-time record
→ Shiller CAPE ratio: 39.42x — only exceeded during the dot-com peak
→ Private credit flagged as top systemic risk for 8 consecutive months
SOURCES
Bank of America Global Research | ICI | Crane Data | IEA | Bloomberg | CNBC | Al Jazeera | Oxford Economics | World Economic Forum | IATA | AAA | FRED
LINKS
Prashant Choubey - https://www.linkedin.com/in/choubeysahab
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#VentureCapital #Investing #CashAllocation #PrivateCredit #Stagflation #OilPrice #MacroInvesting #FundManagerSurvey #RiskOff #AssetManagement
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Transcript
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