Investors still hold more than $3.6 trillion of their assets in money-market funds, equal to about 30 percent of the total market capitalization of U.S. companies, according to data compiled by the Washington-based Investment Company Institute and Bloomberg. That’s double the percentage when the S&P 500 reached its all-time high in October 2007, the data show.
::Bloomberg

…but…

There’s always a real risk that a rally is going to be tested. Investors are thinking that giving up some upside to hedge the downside is a very reasonable investment profile.
—Stephen Wood, chief market strategist for North America at Russell Investments, $151.8 billion in assets under management as of June 30