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In the three months to December 2006, our
survey participants lifted their
average weightings in Europe from 24.7% to 26.0% and topped
up their Asian holdings to a decade-high of 7.5%.
But demand for Japanese shares waned again although most managers
are still just above the neutral benchmark of 9.3%. Weightings
in Continental Europe edged slightly higher with many funds
switching money out of the U.K. and into Euro currency markets.
As in past surveys, roughly two-thirds of the managers in
our poll are negative on the U.S. stock market, especially
the European-based funds who always seem to take a bearish
view.
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