In the BTIM investment forum 2015 Crispin Murray, Head of Equities at BT Investment Management, said that despite the challenging economic environment there remained a number of reasons to be positive on the outlook for equities. One of the reasons Murray pointed to were the high levels of cash sitting on the sidelines. “Term deposits as a percentage of the equity market cap is double what it was back in 2007 before the market peaked. So people are being more cautious this cycle, there is more cash. It doesn’t mean it is going to come into the market but I believe that if you saw the market 'come off' that money would come back into the market.” With reporting season coming Livewire spoke to three leading fund managers and asked them if high levels of cash are supportive for equity valuations and if there is a catalyst they believe will see more money move from the sideline into equities? Responses from Don Williams (Platypus Asset Management), Simon Bonouvrie (Cadence Asset Management) and Chris Prunty (Ausbil Microcap Fund) are available here