Picture Supply | Getty ImagesMillionaire traders are betting that shares will take at the very least a 12 months to regain their earlier highs, in accordance with the CNBC Millionaire Survey.Regardless of the continued surge within the stock market since its March lows, millionaire traders stay skeptical of the market’s V-shaped restoration. A majority of millionaires surveyed mentioned the S&P 500 will finish the 12 months down, in accordance with the semi-annual survey, which polls 750 traders with $1 million or extra in investible belongings. Greater than a 3rd mentioned the market will finish the 12 months down 10% or extra. Practically two thirds say it is going to take at the very least a 12 months for markets to return to their all-time highs in February. One in 4 millionaires say it is going to take two years or extra. The funding outlook by millionaires can have an outsized impression in the marketplace, since millionaires personal greater than 85% of individually held shares.”They’re extra cautious,” mentioned Catherine McBreen, managing director of Spectrem Group, which conducts the ballot with CNBC. “It is not simply the recession they’re taking a look at but additionally the election in November, which can be looming on the market and onerous to venture.”Over the following 12 months, millionaires plan to place solely a couple of third of their cash into shares, in accordance with the survey. They plan to place 19% into cash or cash equivalents, including to their already excessive ranges of cash holdings, McBreen mentioned.Totally 17% of their new cash will go into fixed-income investments and the remainder into commodities, non-public fairness, hedge funds, collectibles and different investments, in accordance with the survey. In relation to sectors, millionaires stay conservative. The sectors probably to obtain probably the most new cash from millionaire traders in 2020 are well being care, know-how and financials. Fewer than 10% plan to spend money on vitality, supplies or industrials.Nonetheless, millionaire traders had been opportunistic through the market declines. A majority purchased or added to their positions in shares, mutual funds and ETFs since March. Solely 17% lowered their positions because the market bottomed, whereas 11% bought their whole positions. “Lots of them bear in mind lacking the chance in 2009 when the market rebounded shortly, so that they did not wish to miss out this time,” McBreen mentioned.