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Global equity allocations accounted for an average 55.6 percent
from 55.4 percent in the previous month, with bonds at 35.3
percent versus 35.5 percent, according to the latest monthly
poll of 13 fund managers.
U.S. stocks have see-sawed in recent weeks, held back by
uncertainty surrounding Donald Trump's presidency as well as
concerns that the return of inflation, which once was at the
forefront of investors' minds, isn't such a sure bet.
"The recent flare-up of Trump troubles and distractions is
further depressing investor expectations of meaningful near-term
policy initiatives including tax reform and infrastructure
spending, and is effectively eating away at some of the
post-election surge in animal spirits and the markets," noted
Alan Gayle, director of asset allocation and senior investment
strategist at RidgeWorth Investments.
The Federal Reserve is widely expected to raise interest rates
in June. However, recent U.S. economic data as well as the
latest Fed minutes have helped to dial down some of the more
hawkish policy expectations in the market.
Asset managers left their recommendations for cash, property and
alternate investment holdings steady in May.
A further breakdown of regional allocations showed a cut to
sterling-denominated assets ahead of the UK's national election
on June 8.
In recent weeks, Britain's ruling Conservative party's lead has
narrowed and the latest projection by polling company YouGov
showed the party will fall short of an overall majority. That
pushed sterling lower on Wednesday.
(Reporting by Shrutee Sarkar; Polling by Rahul Karunakar;
Editing by Stephen Powell)
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