A dramatic increase in “market liquidity conditions” has encouraged investors to plunge back into global equities over the past month, according to Bank of America Merrill Lynch’s fund manager survey, with respondents reporting their largest increase in allocation to the asset class since the beginning of 2011.

The percentage of fund managers who are overweight in equities more than doubled in February, compared with the previous month, rising from 12% to 26% in the survey. The number of respondents reporting overweight positions in cash, meanwhile, halved since last month - falling from 27% to 13%.