In a monthly survey of 12 chief investment officers and fund managers, the average allocation to equities in global balanced portfolios jumped more than a percentage point to 52.9 percent.

"Whilst there is little value in any class, high equity multiples are typically sustainable in a low-growth, low- inflation, low-interest-rate environment," said Rob Pemberton, Investment Director at wealth management firm HFM Columbus.

Exposure to bonds also rose, rising to 25.8 percent from 23.9 percent as the asset class continues to outperform.

Expected monetary stimulus in Europe through a bond buying programme by the European Central Bank aimed at reviving a languishing economy is widely viewed as likely to prop up bond values.

However, a gradual withdrawal of similar policies in the United States as the economy recovers could dampen the overall effect.

"Whilst bond markets have performed well in 2014, we believe that the risks are now heavily weighted towards the downside as central banks in the U.S. and UK begin to consider tightening strategies. Admittedly, loose monetary policy will remain in Europe and Japan, which should support their bond markets," said Peter Lowman, chief investment officer at Investment Quorum.

The portfolio adjustments meant less money kept in safe-haven cash, which dropped two percentage points to 6.2 percent. Property allocations were almost unchanged at 4.3 percent. Bets on alternative investments, including hedge funds and private equity, dropped to 10.7 percent from 12.1 percent, the survey found.

(Reporting by Chris Vellacott)

By Chris Vellacott