If you wanted to judge foundations & endowments (F&E) sentiment by holdings, you would get the idea that they are most bullish on US equities and fixed income products, where their portfolios are and have been overweight. But fund flows change the picture significantly, as F&E have been allocating assets away from all of their largest holdings for the last four quarters as they move on from a tired bull market and seek higher yields abroad. “To face a low-yield environment with an uncertain outlook, foundations & endowments appear to be actively shifting portfolios to cost-effective global equity exposure and seeking…