After 56% of fund managers cut their equity exposure in the first five months of the year, in June, 32% said they would increase their equity investments, and 14% said they would hold them steady, according to a survey by the U.K.’s Association of Investment Companies.

“Given that the credit cycle is now entering an expansionary phase, we see clear opportunities in financial stocks going forward and have, therefore, allocated more into these financial stocks in recent months,” said Shaun Miskell, an analyst with Blue Planet Investment Advisers.

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