But Jeremy Grantham's largest fund is still betting on tech giants such as Microsoft and Apple.
Speculation that the Fed will cut rates next year has 60/40 portfolios on track for their best month since 2020.
The sentiment is a sign of trust in the balance sheets of corporate America.
An era of easy money has turned into a period of tight money.
Investor appetite for equities is subsiding after a 20% rally this year.
A slew of interest rate-sensitive investing strategies are taking a beating this August.
The rush for hedges shows enduring skepticism over the health of heavily indebted companies in an uncertain economy.
THe firm projects real-money portfolios will tilt back in favor of bonds to meet allocation targets.
In the options market, hedges against a volatility breakout are seeing the most demand in five years.
Trend lines on charts and volatility targets are forcing quants into a concerted buying spree.