Concerns about a looming U.S. "fiscal cliff" topped investors' worries for the first time in 17 months. slighting edging out fears about Europe's debt crisis, according to Bank of America's latest monthly survey of fund managers.
CNBC.com reported that the fiscal cliff, a combination of tax hikes and spending cuts set to come into force in January 2013, topped the list of concerns for 35 percent of respondents.
Another 33 percent listed the eurozone debt crisis as their biggest concern. That's significantly down from 48 percent who listed it as their top concern in August.
The statistics represent a survey of 186 fund managers, who oversee a combined $524 billion, which was conducted Sept. 7 to 13.
The upcoming presidential election may be sharpening investors' concerns that Congress will solve the problem and is influencing their asset-allocation decisions. For the third month, they have reduced their holdings in U.S. equities.