According to the poll, the fourth quarter saw 50% of the fund managers taking an "underweight" view on equities as compared to 25% in the third quarter with only a third of the fund managers going bullish on equities.

The surveyed fund managers are exhibiting caution towards the investment market in the fourth quarter while allocating managed assets from equities to bonds and cash in the midst of continued market volatility.

Simon Williams, head of wealth management at HSBC says, "A significant shift in sentiment across global fund managers as prolonged uncertainty in Europe and insipid US prospects continue to hinder global economic growth."

According to the survey, 44% of the respondents are holding an overweight view on cash and 22% are bullish on bonds. Both of which were zero percent in the third quarter.

Asset managers of 13 fund houses participated in the poll conducted between October and November which found that assets under management also fell in the third quarter.

The period witnessed a switch in the sentiments and asset managers started cutting their equity holdings heavily during the period. This is reflected in the funds under management of the 13 fund houses surveyed.

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The third quarter registered total US$3.96 trillion assets under management, which saw a 10% decline as compared to the second quarter (down US$440 billion).