Investors fearing a troubled U.S. economy cut their holdings of American equities this month to 2008 levels.

According to a Bloomberg report, a BofA Merrill Lynch Global Research survey showed 14% of respondents were “underweight” U.S. stocks, compared with 7% who were “overweight” in July.

A total of 187 fund managers participated in the survey conducted between August 6 and August 12, and the following facts were revealed:

• 5% expect stronger global growth in the next 12 months, compared with 42% three months ago;
• 78% don’t expect another recession;
• Investors favored shares in emerging markets and raised their holdings with a net 38% now overweight, up from 34% in July;
• A net 2% are underweight U.K. equities; and
• Japan replaced the U.K. as the least favored region with a net 27% underweight, and 62% of respondents said the yen was overvalued.