Fund Managers Move Out Of US Stocks

The recent survey of 293 fund managers, who manage a total of $727bn in assets, show a net 12% of fund managers were underweight in US stocks compared to just 1% one month ago.

Reuters reports that there is increasing evidence that fund managers are questioning the quality of US earnings in the wake of the collapse of failed energy giant Enron.

In March, 45% of fund managers thought that US corporate outlook was favourable, compared to only 22% now.

The survey also revealed that fund managers are becoming less cautious on Japanese stocks and that global emerging market equities remain popular.