(Bloomberg) -- The S&P 500 is down nine percent since the start of the year on concerns ranging from negative interest rates to a hard landing in China. A new survey from Goldman Sachs shows a growing% of the firm’s clients are worried about a global recession.

"Fund managers are fearful that negative animal spirits have taken hold in the global economy and a recession is looming," the note, sent out by Chief U.S. Equity Strategist David Kostin and his team, says. "More than one-third of the clients attending our recent macro conference in Hong Kong expect cash will post the highest risk-adjusted return of any asset class in 2016. Nearly 60% of the participants forecast global equities will deliver a negative return this year."

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