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Global funds boosted bond holdings to 40.5%, the highest since August 2017, and trimmed equity allocations to 47% of the model portfolio from 47.6% in March, a Reuters survey of 36 fund managers conducted April 17-30 showed.

Fund managers and chief investment officers in the United States, Europe, Britain, and Japan polled by Reuters warned that most asset prices look expensive with volatility at the lowest level in six months.

An increase in bond holdings represents a cautious mood among long-term investors while heading into May. As a result, the anti-risk currencies like the Japanese Yen and Swiss Franc may find some love.