According to a poll by Reuters, U.S. fund managers reduced their exposure to equities lat month, Reuters reports. Managers held an average of 63.3% of their assets in equities from 64.9% in March.

Fund managers raised their allocation in bonds to 29% in April from 27% a month earlier. The poll also added that cash positions held by firms increased to 2.7% from a previous 2.5%.

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