Market volatility has forced stock fund managers to convert a greater percentage of their holdings into cash, sending liquidity ratios to a two-year high in November, according to industry analysts.

"[Fund Managers] got out of losing sectors and they didn't know where to put their money," said Ramy Shaalan, senior funds analyst at Wiesenberger/Thomson Financial of Rockville, Md. Wiesenberger is a subsidiary of Thomson Financial of Stamford, Conn., the publisher of this newsletter.

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