Fund managers have sharply cut growth expectations, with 44% predicting a weaker global economy, up from 2% in February, amid tariff threats from Trump.
Many are holding cash like Warren Buffett, mirroring his $334 billion reserve.
BofA's survey of 171 managers overseeing $425 billion found 55% see a trade war-induced recession as the top risk, while over 70% expect stagflation.
Despite fears, fund managers still anticipate a "soft landing" with Fed rate cuts.