CAution sEEms thE wAtChworD Among thE institutionAl invEstors survEyED in our lAtEst portFolio poll. thE AlloCAtion oF monEy BEtwEEn EquitiEs, BonDs AnD CAsh hAs. on AvErAgE, rEmAinED At thE sAmE lEvEls As it DiD During thE thirD quArtEr. whilE lEhmAnBrothErs AnDCommErz intErnAtionAl hAvE inCrEAsED thEir ovErAll Equity AlloCAtions.DAiwA hAs inCrEAsED its BonD AlloCAtion.But givEn thE slowDown in thEAmEriCAn EConomy, it is thE rEACtion oF our invEstors toAmEriCAn Equity holDings thAt is worthy oF notE.
whilE thrEE oF thEm. inCluDing lEhmAnBrothErs, tAkE A Dim viEw oF thE prospECts ForAmEriCAn shArEs, thE othEr Four hAvE EithEr mArginAlly inCrEAsED thEir AlloCAtions, or hAvE mAintAinED thEm At thE sAmE lEvEls As in thE prEvious quArtEr. lEhmAnBrothErs sEEms to hAvE DECiDED thAt thE prospECt For gErmAn shArEs is BEttEr thAn it is ForAmEriCAn onEs. its AlloCAtion ForAmEriCAn EquitiEs DroppED By sEvEn pErCEntAgE points, to 45% oF its Equity holDings; whilE its gErmAn shArE portFolio inCrEAsED By six pErCEntAgE points, to 11%. lEhmAn’s shArE AlloCAtion toAmEriCA hAs DroppED, EvEn As its ovErAll Equity holDings hAvE inCrEAsE
D、
DAiwA AnD stAnDArD liFE ArE thE othEr two thAt hAvE Cut BACk onAmEriCAn EquitiEs.ButCrEDit suissE ContinuEs to BE A ChEErlEADEr ForAmEriCAn shArEs. Following its tEn pErCEntAgE-point inCrEAsE in thE thirD quArtEr, thE swiss Firm inCrEAsED its ExposurE toAmEriCAn EquitiEs onCE AgAin in thE Fourth quArtEr.CommErz intErnAtionAl AppEArs to shArECrEDit suissE’s Bullish outlook: itsAmEriCAn Equity holDings hAvE inCrEAsED By Four pErCEntAgE points, to 490. juliusBAEr is ExtrEmEly Bullish onAmEriCAn EquitiEs, with 60% oF its Equity FunDs pArkED thErE.But thE AvErAgEAmEriCAn Equity holDings, Among our institutionAl invEstors DroppED By A pErCEntAgE point in thE Fourth quArtEr.
British EquitiEs sEEm to hAvE BEComE AttrACtivE—All our invEstors hAvE inCrEAsED thEir AlloCAtions.CrEDit suissE, whiCh in thE thirD quArtEr Cut its invEstmEnt inBritish shArEs, AppEArs to hAvE ChAngED its min
D、it hAs inCrEAsED its AlloCAtion By Four pErCEntAgE points, tAking thE totAl to 9%. on thE othEr hAn
D、jApAnEsE shArEs hAvE BEEn givEn thE thumBs-Down: All our invEstors sAvE juliusBAEr (unChAngED) AnDCrEDit suissE (slightly up) hAvE movED FunDs out oF jApAnEsE EquitiEs.
it is A rElAtivEly similAr story For jApAnEsE BonDs, whErE EvEryBoDy ApArt FromCommErz intErnAtionAl hAs EithEr DroppED thEir yEn-DEnominAtED BonD holDings, or kEpt thEm unChAngE
D、roBECo group sEEms DECiDEDly BEArish, For it hAs shArply, Cut its AlloCAtion, From 24% to 15%. lEhmAnBrothErs. AppEArs to hAvE got thE timing right, By rAising its AlloCAtion oF DollAr-DEnominAtED BonDs in thE Fourth quArtEr. its inCrEAsE wAs FollowED By thE FED intErEst-rAtE Cut on jAnuAry 3r
D、will lEhmAn’s BEArish timing provE right ForAmEriCAn shArEs, too
whiCh oF thE Following is ConnECtED to thE worD "BEArish" in thE lAst pArAgrAph
A、Dropping
B．intEllECtuAl
C．Booming
D、inCrEAsing