(Reuters) – Investor sentiment crashed in March, a BofA fund manager survey showed on Tuesday, with the biggest monthly drop in growth expectations over the poll’s 26-year history.

Cash holdings rose to an average 5.1% from 4% in February with equity allocations, led by Eurozone and emerging markets, in a record collapse.

The survey conducted between March 6-12 and canvassing the views of investors managing $516 billion, found also that BofA’s “Bull & Bear Indicator”, a sentiment index, had collapsed to 1.7 from 2.5 in February, generating a contrarian “buy signal” for risk assets for the first time since August.

Investment into banking stocks was the lowest since July 2016, while defensive sectors utilities and healthcare were the most popular since early 2009.

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