Almost 40 percent of managers surveyed were still overweight technology, way ahead of industrial stocks, the second most preferred sector, with a 27 percent overweight allocation.
Emerging market equities also benefited from fund manager optimism, with extreme underweight positions cut from 31 percent in March to 13 percent this month.
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Stocks have been hit recently by concerns over weak corporate earnings and high valuations, encouraging some investors out of riskier assets, particularly momentum stocks, and into safer cyclical equities such as financials, basic resources and autos.
Global markets managed to snap that losing streak on Monday with Wall Street embracing data that showed U.S. retail sales had jumped the most since 2012.
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A preference for value might offer one clue to the recent sell-off in technology and biotech stocks, said Michael Hartnett, chief investment strategist at BofA Merrill Lynch Global Research who found a record number of investors believe value stocks will outperform growth stocks over the next 12 months.