Majority of funds still positive on stocks: survey
HONG KONG (MarketWatch) -- A majority of global fund managers continued to favor equities as an asset class in the second quarter, although a few turned less positive on stocks and shifted their attention to bonds and cash, according to the findings of an HSBC survey released Thursday. The survey showed 57% of money managers were still in favor of stocks, down from 75% in the first quarter. None held an underweight view on equities. At the same time, 14% of the respondents turned overweight on bonds and cash, from none in the first quarter. "Emerging markets equities, including Asia equities, continue to be attractive as a result of better fundamentals. However, it is worth noting that some managers have turned cautious due to renewed concerns on the euro-zone debt crisis," said Mike Danby, head of wealth management at HSBC Bank Australia. HSBC said custodians of about 14.9% of global funds under management participated in this quarter's survey.

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