The #1 Thing Hedge Fund Managers Are Worried About Right Now

The results of BofA Merrill Lynch's November Global Fund Manager Survey are out.

Each month, the survey asks clients that manage hedge funds, institutional funds, and mutual funds what they perceive to be the biggest "tail risk" to markets - i.e., which low-probability event would have the biggest impact on the way investors are positioned?

Last month, amid the government shutdown in the United States, it was U.S. fiscal tightening.

This month, it's China once again.

"With the US govt shutdown & debt ceiling debate behind us, investors are now most worried about a China hard landing and/or collapse in commodity prices," write BAML strategists in a note to clients.