Great investors have sold most of the bonds owned and have reinvested in shares, gold, and have them added to bank deposits. The largest migrations were those of American and British investors, who sold government securities denominated in euro, says a survey of major investment houses in the world.
Shares of companies listed on stock exchanges world have regained the majority last month in a virtual strucutură all global investment, according to surveys conducted by Reuters among the 59 largest investment management houses in the world.


Surveys have shown an average ownership share of 50.6% of assets under management, up from 49.5% in October. Bond holdings fell to 35.3% from 35.9%, shifts are larger for euro securities, whose share in global virtual portfolio decreased from 26.9% to 27.4%.


Caution reigns despite greater appetite for action, also increasing the share of cash from 5.9% to 6.4%. The rest of nearly 8% are allocated to other types of investments, as is gold. It should be noted that there are several types of tools invetiţii gold. Most are equivalent to shares, directly related to the price of gold and are often backed by Gold.


But overall statistics hide massive flight of American and British bonds in euros, the average proportion of their holdings of the former decreased from 19.1% to 17.6% and the latter from 11.9% to only 8 , 9%.


British investors reduced their exposure to eurozone bonds in their portfolios at the lowest levels for more than a year now.


On the other hand, "European and Japanese investors have high debt exposure on the euro area, but not in a way that could be considered a sign that the crisis ends," say analysts said. Instead of the debt crisis contagion risk for major euro countries such as France was not removed.


At the regional level, the survey among major U.S. investment managers have shown increasing share of over 63% shares. Europeans apparently balanced portfolio with shares occupying only 44%, slightly up and bonds 39.4%, down slightly.


The Japanese have the opposite perspective, since reduced their exposure to a minimum stock of the last 3 months (44.7%) and have raised it on the bonds to 48.7%. A possible explanation is the reduction of exposure on China, whose economy is slowing down growth.


Similar surveys from China and Italy were not included in calculating the total. Institutional investors in Italy and spent part of the cash stock and the bonds, and in China to bet on economic recovery, following the easing of monetary policy, so they bought shares.


The study refers to large institutional investors, which focuses ultimately the interests of small investors through investment funds mutual starting and ending with retirement and beyond.