Internet stocks have enjoyed a strong run-up recently while traditional technology stocks have fared less well. Managers are voicing their bullishness across all styles of growth - large-cap, mid-cap and small-cap - and this sentiment has clearly found its way into the technology sector.

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Managers may also be expecting strong performances by investment banks and financial institutions that specialize in regional mortgages.

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It's mostly because money managers haven't liked them very much for the last two years. Since the bubble [in tech stocks exploded], all the big action has been in small and mid-size, value-oriented companies.

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(Money managers) expect the Fed to stop raising rates before short-term rates inflict any significant damage to economic growth.

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The risk-reward ratio for longer maturity fixed income is just not attractive with the current yield curve. Cash yields are now up to more than 4% and longer-term treasury bonds yields remain below 5%.

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Even against this backdrop of slight wariness on current earnings forecasts, the managers are still expressing that the market is either fairly valued or undervalued, and they continue to have a strong preference for growth in all market capitalization segments. Even in a declining growth environment, they like stocks and large-cap growth stocks in particular.

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