The top-performing global growth funds in May all increased their exposure to North American equitie...
The top-performing global growth funds in May all increased their exposure to North American equities at the expense of their European holdings, according to Lipper.
In total, 58% of the funds in the global growth sector increased their holdings of North American stocks, while 56% reduced their European exposure.
Nick Hamilton, product manager of Lipper's Portfolio services said: 'Fund managers may have been encouraged by the current US Federal Reserve interest rate policy and the new administration's tax cuts, while concerns have increased about European growth and inflation. These concerns are reflected by May's transfer of European assets into North American ones.'
One of the leading funds to invest in North America was Gartmore Global Growth, which increased its exposure from 32.5% to 35.6%, while European holdings were reduced from 37.3% to 30.4%.
Other top five movers into North America included Abbey National International, which upped its weighting from 21.9% to 24.8%, and Cazenove Updown Retail, which moved from 51.5% to 54.2%.
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