US pension scheme and endowment funds worth a total of $1.5 trillion (€1.3 trillion) saw their bond weightings rise to 35.4% from 31.7% during the year to March, according to a survey by the Independent Consultants Cooperative, a consortium of US consulting firms.

The weighting increase results from a rise in the market value of bonds and a fall for equities, typified by a fall of 3.2% for US share portfolios.