Fund managers also cut cash allocations for a fourth consecutive month to under 4 percent of the global model portfolio to try and eke out some returns. Both the Standard & Poor's 500 and Dow Jones indices have fallen below the level where they began the year, while bond yields have barely risen over the past eight months. A deteriorating outlook for China, where a surprise yuan devaluation sparked a global equity selloff and led major indices including the Dow to multi-year lows, at least temporarily, has not helped.
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