(Bloomberg) -- A majority of wealthy American investors are optimistic about U.S. stocks, but are still sitting on piles of cash, according to a UBS Group AG survey.

A sunny outlook reigned among 57 percent of the survey’s U.S. respondents. The survey, conducted in March, targeted investors with at least $1 million in investable assets. Tempering that enthusiasm were the 29 percent who described their outlook on U.S. equities as neutral, and 14 percent who said they were pessimistic.

The percentage of optimists is roughly even with the reading for 2018’s fourth quarter, which was taken in November before the stock market plunge. Back then, fewer investors described themselves as neutral and more said they were pessimistic.

A majority of U.S. investors also expressed optimism about the economy, at 56 percent. They were less sanguine on the global outlook -- 37 percent said they were optimistic, 32 percent neutral and 31 percent pessimistic.

While 26 percent of U.S. investors said they plan to invest more in the next six months, they currently have an average of 23 percent in cash. Their biggest worries were the political environment, followed by the national debt and healthcare costs.

Investors who reacted to December’s market drop by moving into cash “are probably unhappy they gave up gains in the first quarter of this year,” said Mark Sanborn, head of investment platforms and solutions for UBS wealth management in the Americas. “Our clients felt they lost time and energy in the first months of the year worrying, and want to be reinvested as quickly as possible.”

The survey, which also sampled attitudes in 16 other world markets, found just over half of global investors optimistic about the world economic outlook, and 21 percent pessimistic. Cash makes up a big part of global portfolios, at 32 percent, and the highest proportions were in Asia and Latin America, at 36 percent, UBS said.

The top concerns among global investors were “my country’s politics” at 44 percent, and the national debt and cyber-security, both cited by 40 percent of respondents.

A global trade war was the leading concern in Asia and the third-most pressing investor worry in Europe, excluding Switzerland. Cyber-security ranked second among risks weighing on the minds of European investors. Switzerland, where UBS is headquartered, was the only region to cite data privacy as a top-three concern.

A majority of investors around the world remain concerned about volatility after last year’s uptick, the report said. "People have latent concerns about volatility, but also look at the rise in volatility as an opportunity to engage," said Mike Ryan, chief investment officer for the Americas at UBS Global Wealth Management.

(Updates with volatility concerns in last paragraph.)

To contact the reporter on this story: Suzanne Woolley in New York at swoolley2@bloomberg.net

To contact the editors responsible for this story: Pierre Paulden at ppaulden@bloomberg.net, Peter Eichenbaum

©2019 Bloomberg L.P.

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