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Input: âWeâve been lowering our allocation to stocks and have increased our allocation to bonds as well as cash â said Charles Shriver  co-head of the Asset Allocation Committee at T. Rowe Price  describing changes over the past âseveral quarters.â
âWe have been reducing the risk profile in our portfolios â  Shriver  told Reuters.
The near-decade-long bull market in U.S. stocks has beefed up the average investorâs stock holdings  he said  and it may make sense for some investors to decrease their risk. Stocks are still expensive relative to their long-run records  according to  Shriver .
Bonds will nonetheless retain their ârole as a diversifier â  Shriver  said. Bond prices tend not to move in the same direction of stocks over time  a divergence that helps investors stay invested and which  Shriver  expects to continue.
âYou are getting compensated for liquidity â said  Shriver .
He said T. Rowe Price also sees relative bargains in Europe and Japanâs stock markets. The asset manager has also been increasing its allocation to small-capitalization stocks  which  Shriver  said could benefit from U.S. corporate tax cuts.

Top stockpicker T. Rowe Price has boosted bonds cash allocations