According to The Kobeissi Letter, global fund managers reduced cash allocation by another 0.1 percentage points in November to 3.7 percent, the lowest level in 15 years, indicating institutions are deploying cash, source: The Kobeissi Letter on X, Nov 23, 2025. Cash levels have remained at or below 4 percent of AUM for the fifth consecutive month, reinforcing a risk-on stance among institutional portfolios, source: The Kobeissi Letter on X, Nov 23, 2025.