Pimco overweight on global equities, especially Europe, Japan stocks

New York

PACIFIC Investment Management Co (Pimco) said on Tuesday that it has placed an overweight position on global equities, particularly European and Japanese equities, and is underweight on global government bonds and other securities that reflect interest rate exposure.

US equities, following double-digit gains in the S&P 500 last year, are "fairly valued," Pimco said in its 2015 Asset Allocation Outlook report, adding that it expects stocks in Europe and Japan to outperform the US.