U.S. fund managers left global portfolios steady in July: Reuters survey

[July 29, 2016]  (Reuters) - U.S. fund managers kept their global allocations steady in July, with no changes to average recommendations to equities and bonds, which remain near their lowest and highest in the history of the Reuters asset allocation survey.

That contrasted with their counterparts in Britain, who slashed recommended equity holdings to their lowest in at least five years and halved property allocations following the country's vote on June 23 to leave the European Union.

Brexit triggered a violent fall in sterling, which is down more than 10 percent since the vote against the dollar.

The poll of 13 U.S.-based global funds showed global equity allocations held at 51.1 percent of the model portfolio and bonds at 35.7 percent. Recommended allocations to cash, property and alternate investments were steady, too.

While U.S. economic performance has been solid in recent months, overall, fund managers globally have recommended moving into assets perceived as safe.

(Reporting by Rahul Karunakar; Polling by Vartika Sahu and Krishna Eluri; Editing by Larry King)

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