The high risk, high return nature of equity investing means that stock markets tend to drive the bulk of performance in many portfolios. So investors seeking growth often allocate heavily to equities at the expense of other investments. But this year many investors have reduced their equity exposure even though stock markets have made substantial gains. UK investors, for example, withdrew more than £2bn from equity funds on a net basis in the first half of 2019 and, by contrast, put nearly £6bn into bond funds.
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