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To: Haim R. Branisteanu who wrote (44506)	3/31/2000 6:31:00 AM
From: Haim R. Branisteanu	Read Replies (1) \| Respond to of 99985

Friday March 31, 6:16 am Eastern Time Reuters Asset Allocation Table (Europe)-March 2000 The percentages in the tables below reflect model portfolios and assets allocated in global equity and global bond funds produced following a poll of fund managers and strategists throughout Continental Europe. (Collated between March 28 and 30) Global Equity Funds ________________________ US UK GER FRA EURO EURO JAPAN ASIA LATAM CASH CAN INS OUTS OTHR EMRG MKT 2000___________________________________________________________ AVG MAR 44.1 8.9 5.8 5.8 12.0 4.7 13.1 2.2 1.8 1.6 AVG FEB 42.0 9.0 6.2 6.3 14.0 5.0 12.7 2.0 1.2 1.6 AVG JAN 40.0 9.0 7.0 6.5 14.7 5.2 12.8 2.2 1.0 2.0 _______________________________________________________________ US UK GER FRA EURO EURO JAPAN ASIA LATAM CASH CAN INS OUTS OTHR EMRG MKTS 1999____________________________________________________________ AVG DEC 40.1 9.0 6.6 6.5 14.9 5.2 12.5 2.5 1.3 1.8 AVG NOV 40.5 9.2 6.2 6.3 14.3 5.2 12.6 2.7 1.3 2.0 AVG OCT 40.3 9.1 6.2 6.4 15.3 5.1 12.0 2.4 1.6 1.6 AVG SEP 40.5 9.2 6.2 6.4 15.3 5.2 11.8 2.4 1.6 1.6 AVG AUG 40.4 9.3 6.1 6.3 15.3 5.2 12.1 2.5 1.6 1.3 AVG JUL 41.7 9.8 7.3 5.9 13.1 5.8 11.1 2.3 1.5 1.4 AVG JUN 40.1 9.7 6.4 6.6 14.1 5.8 11.3 2.8 1.3 1.4 AVG MAY 39.2 10.0 7.0 6.4 15.2 5.6 10.2 2.8 1.6 1.9 AVG APR 39.4 9.9 6.6 6.4 15.9 5.9 10.0 2.9 1.6 1.4 AVG MAR 38.3 9.9 6.9 6.5 16.2 5.7 9.3 2.9 1.9 2.5 AVG FEB 38.6 10.0 6.8 6.4 16.3 5.8 9.1 2.7 1.9 2.4 AVG JAN 38.6 9.9 6.9 6.5 16.4 5.7 9.3 2.7 1.8 2.2 ________________________________________________________________ US UK GER FRA EURO JAPAN ASIA LATAM CASH CAN OTHR OTHR EMRG MKT 1998____________________________________________________________ AVG DEC 39.0 9.3 6.5 7.4 21.8 9.2 2.3 1.9 2.6 AVG NOV 39.8 9.3 6.4 7.0 21.7 7.8 2.4 2.0 3.6 AVG OCT 43.7 9.7 5.7 7.7 18.1 8.3 1.7 1.6 2.8 AVG SEP 41.0 9.7 6.2 6.3 21.2 7.7 2.0 2.0 3.9 AVG AUG 41.1 10.1 5.8 6.4 21.0 7.7 1.7 2.3 3.9 AVG JUL 43.2 9.7 5.1 5.6 21.1 8.1 1.5 2.2 3.5 AVG JAN 44.5 9.1 5.7 4.6 17.8 9.5 2.0 2.0 4.8 ________________________________________________________________ Global Bond Funds _____________________ US CAN JAPAN UK FRA GER EURO EURO ASIA CASH INS OUTS OTHR 2000____________________________________________________________ AVG MAR 36.0 1.9 10.5 5.8 6.9 10.0 16.4 6.9 1.6 4.0 AVG FEB 32.2 2.0 8.6 5.7 6.9 10.3 18.9 7.4 2.5 5.5 AVG JAN 30.3 2.3 10.0 6.8 6.6 10.4 16.7 6.3 3.9 6.0 ________________________________________________________________ US CAN JAPAN UK FRA GER EURO EURO ASIA CASH INS OUTS OTHR 1999____________________________________________________________ AVG DEC 32.0 2.1 8.3 7.0 6.9 10.9 17.9 6.2 2.9 5.7 AVG NOV 31.9 2.0 8.5 6.7 6.9 11.9 17.7 6.0 3.0 5.4 AVG OCT 31.7 2.1 8.0 6.3 7.2 12.4 18.3 5.8 2.8 5.5 AVG SEP 31.7 2.1 7.8 5.9 7.1 12.3 18.2 6.5 2.8 5.7 AVG AUG 31.6 2.2 8.4 6.6 6.9 12.1 17.6 6.1 2.9 5.7 AVG JUL 33.9 2.6 7.9 6.8 6.8 9.8 17.9 6.9 3.0 4.4 AVG JUN 32.8 2.6 6.4 6.7 6.4 10.0 17.1 6.9 3.8 7.3 AVG MAY 31.7 2.4 5.7 6.4 6.0 12.1 18.6 6.2 2.7 8.1 AVG APR 33.4 3.1 4.7 6.8 6.6 11.1 18.0 5.5 2.6 8.3 AVG MAR 34.4 3.1 4.9 7.1 6.6 12.4 14.8 6.3 2.2 8.2 AVG FEB 35.2 3.0 4.0 6.6 7.4 13.4 13.9 6.1 2.1 8.2 AVG JAN 36.6 2.8 3.5 7.0 6.2 13.7 13.7 7.4 2.1 7.1 ________________________________________________________________ US CAN JAPAN UK FRA GER EURO ASIA CASH OTHR OTHR 1998____________________________________________________________AVG DEC 35.0 2.3 4.4 7.7 5.3 14.6 23.7 1 1998____________________________________________________________AVG DEC 35.0 2.3 4.4 7.7 5.3 14.6 23.7 1 .2 5.8 AVG NOV 35.1 2.2 4.2 8.0 5.5 14.4 24.4 0.9 5.2 AVG OCT 35.8 2.3 3.9 9.6 6.6 10.9 23.4 0.1 6.9 AVG SEP 35.9 2.5 4.3 8.5 6.3 15.0 22.4 0.9 4.2 AVG AUG 37.1 2.8 4.6 8.3 6.7 16.0 19.2 1.0 4.5 AVG JUL 39.0 2.9 4.6 8.0 6.0 15.1 19.5 1.1 3.8 AVG JAN 37.1 2.6 6.0 9.5 5.0 14.3 21.0 1.6 2.9 ________________________________________________________________ [US/ASSET] -- Reuters New York-based asset allocation survey [JP/ASSET] -- Reuters Tokyo-based asset allocation survey [GB/ASSET] -- Reuters Britain-based asset allocation survey ___________________________________________________________ By Brian Spoors LONDON, March 31 (Reuters) - U.S. assets came back into favour with continental-Europe based global fund managers in March, a monthly Reuters poll showed on Friday. The poll revealed reduced equity weightings in Europe in favour of more exposure to U.S. stocks while fixed income funds moved assets to U.S. Treasuries and Japan government bonds compared with their stance in February. The poll of 10 institutions was taken March 28-30. Exposure to North American stocks ended the quarter underweight at just over 44 percent, the overweight allocation to the euro zone peripheral markets was reduced while that to Japanese equities rose to 13.1 percent. ``I would certainly not be underweight in Japan,' one fund manager said, adding the industry held a positive one-to-three year view on Japan and Asia. Fixed interest funds were at their most bullish on U.S. debt since January 1999 with an allocation of 36 percent set against Treasuries with investors citing a continuing stream of strong U.S. economic data helping to support the dollar. However, medium term, several managers were positioned for the euro to recover against the other major currencies. ``We think in the medium term-long term the euro should recover versus the dollar and the yen but short term, the dollar continues to benefit from strong economic activity in the U.S. and sterling continues to benefit from further monetary policy tightening,' said Michel Poletti, a fund manager at Societe Generale Asset Management in Paris. ``We are currently slightly overweight the euro, slightly underweight yen and on a one-month horizon we are slightly under weight North America. But in the very short term, we are neutral the dollar,' he added. One contributor said her portfolio had switched to overweight U.S. paper at the expense of Eurobonds where profits had been taken. MORE BULLISH ON JAPAN Fund managers were more bullish on Japanese equities than in the previous month with equity allocations increased to just over 13 percent from 12.7 percent. However they also noted that equity allocations were becoming as much thematic as geographical. ``It is becoming very global and very thematic -- tech, telecoms, oil and pharmaceuticals have all been very important trends just now,' said Sarah Arkle, head of equities at Scudder Threadneedle Asset Management. ``That is a bigger and more important decision at the moment than the geography. But after the fantastic gains we saw in the Nasdaq from the beginning of the year, we would not actually be committing more money to the U.S. just yet,' she added. But she was bullish for Japan, anticipating further structural changes and merger and acquisitions. ``Equity culture in Japan is returning so we may well see a situation were Japan lags the downturn in other markets because the investor is back in the market and liquidity is good.' ``If the other markets in the world fall, I don't think it will fall as far as it is only just coming out of its own bear market,' Arkle said. Another fund manager said he was holding his equity position largely unchanged going into the second quarter with only minor alterations mainly in Europe. ``We are underweight North America, very slightly overweight in Japan and neutral in Europe which is unchanged apart from fine tuning,' he said. Related News Categories: funds, options, US Market News