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Global fund managers are raising cash because they increasingly believe that both bonds and stocks are too pricey.
That was the view found in the latest monthly survey of fund managers from Bank of America Merrill Lynch. The results match what some big investors were discussing Tuesday as a risk for investors at CNBC/Institutional Investor's Delivering Alpha conference.
Bearish views from the conference added to the negative tone and sell-off already underway in markets. The sell-off in Treasurys drove the yield on the 10-year to 1.73 percent, its highest level since early June. A poorly received 30-year bond auction on Tuesday added to the selling pressure. The Dow was down 250 points in afternoon trading.
Traders pointed to comments at Delivering Alpha from Paul Singer of Elliott Management, who was extremely bearish on long-term bonds.
"With the rates that currently exist in global bond markets, the term 'safe haven' [that's] applied to G7 bonds is just plain wrong. These are not 'safe havens.' There is a tremendous amount of risk in owning 10-, 20-, 30-year bonds at these rates," he said.
Mark Carhart, chief investment officer and founding partner at Kepos Capital, told the conference "the 60/40 portfolio is the biggest risk" for investors. That is the long-popular investment strategy where investors hold 60 percent stocks and 40 percent bonds. "I would take as much out of that as you feel comfortable and put it into alternatives" like emerging markets, he said.