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Investors are betting that Europe will drive the next leg of the global equity rally, broadening their playbooks as a more expensive US market evokes memories of the dot-com bubble.
Hedge funds are now the most exposed they have ever been to European stocks relative to a global benchmark, according to Goldman Sachs Group Inc. data. Mutual funds have also amped up allocations to the region’s equities by the most since June 2020, a recent survey by Bank of America Corp. showed.
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