Fund managers have increased cash holdings by the most in six years, according to a Bank of America survey. The defensive positioning echoes strategies seen during the 2022 Russia-Ukraine invasion. Retail investors became net sellers of single stocks for the first time since 2023, though they are not leaving the market entirely - instead shifting to other assets. JPMorgan strategists say the positioning shifts may have much further to run. Citi cut US equity exposure to neutral, citing war uncertainty. Traders are hedging against potential Fed rate hikes within weeks, with options market showing increased demand for wagers tied to rate increases before the April 29 policy meeting.