At the same time, we were underweighted in other regions, such as the Asia Pacific.
First of all, we have made it clear that we feel like we have been underweighted in Asia.
The sector is underweighted in Guy's traditional funds and is an important short position for the hedge fund.
This year, Fisher has underweighted U.S. stocks and over-weighted sectors such as tech and energy, compared with the MSCI.
Van Eck Principal Jan van Eck says that many investors are underweighted in their exposure to the emerging markets.
In one of few departures from index-type weightings, Microsoft is underweighted, Compaq overweighted.
Conversely, if you are underweighted in bonds, you put the new contribution to work by purchasing fixed-income securities or funds.
For 2008 Fisher has underweighted U.S. stocks and overweighted, compared with the MSCI, sectors such as materials, industrials, cyclical tech and energy.
But this doesn't -- this is really a statement here about having been underweighted and bringing new energy, resources and attention here.
And the conclusion that we reached, among others, is that we were substantially underweighted in terms of our engagement and resource allocation and attention to Asia.
The main reason: Any manager smart or lucky enough to have underweighted Japan in his portfolio was likely to have done better than the MSCI Europe and Far East index.
And we believe that we were underweighted, as you went south, given the importance of those sea lanes, given, by the way, the important contribution we make to things like disaster relief.
Again, it was born of the observation that we were underweighted in Asia, given the importance of the region, given the economic dynamism in the region, and the strategic dynamics in the region.
So to the extent that there are some who have found that the United States has been a little underweighted in Asia in the past, that certainly has been a core focus of the President's efforts on foreign policy, certainly as evidenced by this trip even.
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