Global investors have slashed their holdings of U.S. stocks by a record amount in the past two months, Bank of America Global Research said on Tuesday, citing the trade war that has triggered a global recession as the biggest risk facing the market. Respondents in Bank of America's monthly survey of fund managers made a net reduction in U.S. stocks of 36 percent, the highest level in nearly two years, and their allocations to U.S. stocks fell 53 percentage points in two months, the largest drop in two months on record. The trend looks set to continue, as a record number of respondents also said they intend to cut their allocations to U.S. stocks. Trump's aggressive tariff plan has triggered a sell-off in U.S. assets, including stocks, the dollar and U.S. Treasuries. Stocks rebounded on Monday, but the S & P 500 is still down about 8 percent so far this year. Bank of America surveyed 164 investors with $386 billion in assets under management.