Fund managers think investors should shift their portfolios out of investment-grade debt and into mainstream global equities, with the last two quarters a turning point for many. But talk of a “great rotation” may be over-exaggerated, pension fund consultants say.

Aon Hewitt, the investment consultancy, surveyed 120 fund managers at the end of March, and found that 31% of them thought global equities would be the best-performing class of investment this year, the most popular single choice.