Two-thirds of respondents to a survey reportedly said cash in their portfolios would be net positive this year, reinforcing the “cash is no longer junk” theory that has gained traction of late.

The verdict came from professionals who last attended MLIV pulse survey, after to a Bloomberg report.

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Cash’s appeal comes from looming recession fears amid prolonged for higher rate hikes expected from federal reserve as Inflation remains sticky while the economy is still running hot.

According to the survey, just 17% of survey respondents said it’s very likely that the average large-cap active US stock fund will outperform a passive fund that tracks the S&P 500 after fees this year.

So far this year markets have been down positive returns despite defeat in February. The SPDR S&P 500 ETF Trust SPY YTD up over 6% while the Invesco QQQ Trust Series 1 QQQ gained over 13%.

Expert opinion: Morgan Stanley’s Chief Strategist for US equities Michael Wilson Bloomberg TV said last week that the S&P 500 index could fall nearly 20% on weak corporate earnings. Coupled with this, an expected rate hike and unstable investor sentiment should also bode ill for Treasuries and bonds.

Leo KellyCEO at Verdence Capital Advisors Bloomberg said, “We encourage people that it’s okay to hold cash, that it’s not just a lead weight on your ankle weighing you down.”

“You can make a nice return and there’s going to be a lot of volatility in the markets and a lot of opportunities to put that money at attractive levels,” Kelly said.

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