The Bermuda Composite’s asset allocation did not change substantially from 2007 to 2008. An already conservative investment strategy left little room for more caution. Fixed income securities stayed at 75 percent from 2007 to 2008. Equity allocations were halved year-over-year, dropping from 4 percent of the aggregate portfolio in 2007 to 2 percent last year. Allocations to cash and short-term investments increased from 14 percent to 17 percent. While a “flight to quality” was not possible, a movement in that direction was discernable.
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