Portfolio poll (Economist)

Abstract

The money managers in our quarterly poll found little to agree on during the fourth quarter of last year. Only two changed their overall exposure to bonds, and these went in opposite directions: Credit Suisse boosted its allocation, but IPM-First Quadrant cut back. Henderson and Julius Baer increased the proportion of their portfolios devoted to global equities by more than five percentage points while reducing their allocations to cash. The rise of the euro against the dollar did not result in the dumping of dollar-denominated assets across the board. Credit Suisse and Robeco Group adjusted their equity holdings to cut exposure to American markets and boost their euro-area allocation, but Henderson and Julius Baer did the exact opposite. In bonds, our fund managers on average lowered their exposure to dollar- denominated bonds and increased their euro-area investments.