British-based retail funds cut their holdings of overseas stocks in April with the exception of Japanese equities, a Lipper survey showed on Tuesday. Unit trusts in the global equity growth sector holding 15.15 billion pounds of assets cut total overseas stocks to 73.4 percent of holdings, down 0.8 percent on the previous month, the fund research firm said.

Holdings of British stocks rose to 22.9 percent, up half a percentage point, while Japanese stock holdings rose 1.2 percent to 9.6 percent.

Japanese stock exposures have risen in recent weeks, reflecting strong gains in the Japanese market.

Total holdings of British fixed income assets fell 0.1 percentage points to 0.3 percent.

(Lipper)