Wellcome Trust is holding nearly 10 per cent of its £37.6 billion portfolio in cash and bonds as it waits for sufficiently interesting long-term investment opportunities to arise - namely a big fall in public equities that would absorb large-scale funds quickly.
Large pension funds are being cautious in current markets and are looking to "batten down the hatches", a panel of investors told delegates at the Milken Institute Global Conference in LA.
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