Charity investment manager Investec Asset Management is maintaining its position as "underweight", or below target allocation, in global equities despite the recent rally on the stock market.
The company's strategic asset allocation remains unchanged since it believes equities do not yet offer "compelling value".
According to Chris Carter, a strategist at Investec, bonds will continue to be supported by a sustained low level of interest rates and the company remains overweight in cash.
"Following a fall of the magnitude we have seen, a so-called technical correction upwards has become more likely, and this has been happening over the past week or so. However, since we have seen three such major upward corrections since the bear market began in March this year, we are still sceptical as to the sustainability of this frenetic rally," he said.
"Investec has been careful so far not to be caught up in dangerous counter rallies such as these," he added.