"Guarded optimism" is how a new survey from Towers Watson characterizes fund managers' views on investing in 2013.

According to The Global Survey of Investment and Economic Expectations, fund managers are "more optimistic" about the prospect for equity returns. However, they continue to view world growth and medium-term government bonds with hesitation, as they still expect a sovereign debt default in the Eurozone and fear weak fiscal situations in the U.S., U.K. and Japan.

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