Portfolio poll

We have changed the format of our quarterly portfolio poll, so the table lacks comparative figures for the euro area and the rest of Europe. Otherwise this poll is similar to the most recent exercises—and so is the gloomy state of the world economy. With the spectre of world recession looming, investment managers remain prudent. Credit Suisse and Lehman have considerably reduced their holdings of equities; only Commerzbank greatly raised its equity allocation. There are few economic signals that inspire confidence, and growth is stalling around the globe. Despite this, our fund managers' view of American shares was surprisingly upbeat; all except Credit Suisse raised their holdings this quarter. However, all our managers cut their preferred holdings of euro-zone bonds.