These sort of record low cash levels in the funds are generally indicative of a short term top in equities.
"I was being called to surrender the very citadel of my self. I was completely in the dark. I did not really know what repentance was or what I was required to repent of. It was indeed the turning point of my life. God had brought me to my knees and made me acknowledge my own nothingness, and out of that knowledge I had been reborn. I was no longer the centre of my life, and therefore I could see God in everything." Bede Griffiths
These sort of record low cash levels in the funds are generally indicative of a short term top in equities.
The mutual funds, and those who give them their money to invest, look to be about 'all in' with regard to US equities.
As I recall, the bond funds have decent cash levels, and the piling into short term Treasuries at negative interest rates is certainly a phenomenon.
The hypocrisy and venality of the US financial sector knows no bounds, and they seem to have bought off the guardians of he public trust. The US government desperately needs to sustain confidence and the aura of recovery. They do not need a falling stock market to say the least. And yet, they have to continue funding record levels of debt issuance every month.
A lot of demand for funds, and many of the players close to flat busted.
It may be an interesting year.