Investors overweight in global equities plummeted from 52% in April to 30% in May as fund managers abruptly quit their Euro zone holdings for those in the U.S. as a result of sovereign debt concerns, a Bank of America/Merrill Lynch survey found.

A full two-thirds of institutional investors now think the dollar will appreciate the most of all the reserve currencies, and 42% of investors feel the outlook for corporate profits is weakest in Europe. One-third of investors say the U.S. has the strongest potential for growth in corporate profits.

Investors’ fears over Europe are having a knock-on effect in emerging markets. Positive sentiment fell from 31% in April to just 19% in May.

BofA Merrill Lynch didn’t make anyone available for comment, but “May's survey highlights a flight to the U.S., driven by the uncertainty in Europe and underscores a positive U.S. growth outlook,” Michael Hartnett, chief global equities strategist at BofA Merrill Lynch Global Research, said in a statement. “The survey shows that investors have capitulated on Europe, beaten down by sovereign debt concerns and faltering growth expectations,” added Gary Baker, head of European equities strategy at BofA Merrill Lynch Global Research.