A picture illustration shows a Facebook logo reflected in a person's eye, in Zenica, March 13, 2015. REUTERS/Dado Ruvic/Illustration
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Global investors were crowded into so-called FAANG and BAT tech shares in March and continue to cling to equity holdings despite fears of trade wars and growth slowdown, Bank of America Merrill Lynch's latest monthly survey showed Tuesday.The survey of fund managers running $579 billion (413.8 billion pounds) worldwide was conducted March 9-15 and showed that investors were likely heavily exposed to tech shares, just before Monday's Wall Street plunge that was triggered by calls for more regulation on giant technology firms.The BAML survey found investors were "long" the tech sector, calling it the No. 1 crowded trade, with a net 38 percent overweight.BAML's survey also revealed investors growing jittery about brewing trade wars – growth expectations are now the lowest since July 2016 and inflation expectations the highest since June 2004, BAML said, noting "cracks in the bull case".
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