Tuesday March 28, 9:04 am Eastern Time
Goldman's Cohen cuts stocks in portfolio, adds cash
NEW YORK, March 28 (Reuters) - Abby Joseph Cohen, the widely heeded co-chair of investment policy at Goldman Sachs, reduced the equity exposure in her model portfolio Tuesday to 65 percent from 70 percent, according to a market source.
Cohen, who last week raised her 2000 target for the Standard & Poor's 500 index to 1,575 from 1,525, also introduced a March 2001 target for the S&P 500 of 1,625, the source said.
A Goldman spokeswoman decline to immediately comment, and Cohen was not immediately available.
The 5 percent taken from equities was moved into cash, which previously had no allocation. The balance of the model portfolio is 27 bonds and three percent commodities.
Cohen told Reuters last week follwing her change in forecast, "... we think the entire forecast period (for this year and next year) will be one of ongoing economic growth and additional gains in profits. And that's what's really critical in terms of the market outlook. |
