Inside the Reuters investment polls

February 1, 2011

The headline news from our Reuters asset allocation polls this month was that not much has changed from December in terms of overall investment positioning, but that there was a decided shift from emerging markets and European stocks to North America.

But buried in the numbers were a couple of other things:

– Bonds are decidedly unpopular among fund managers. The overall global allocation was the lowest since February.

– Bond underweights have also been getting heavier and heavier since summer and now reflect significant bearishness.

– Within bond portfolios, however. U.S. debt was on the up, at levels not seen for at least 12 months. This contradicts the widely held view that Treasuries are losing their appeal.

– High yields are also clearly popular with a shift to “junk” from investment grade.

The Treasury finding is a bit strange, but other than that there was nothing in there, really, to disturb the proponents of the risk rally.

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