Advisor confidence slipped 2.40% in February, but more than half of those surveyed indicated they were downsizing fixed-income holdings, according to AdvisorBenchmarking.

The Advisor Confidence Index (ACI) showed declines in the six- and 12-month economic outlooks, which were down 2.17% and 7.80 respectively, according to AdvisorBenchmarking, the Rockville, Md.-based affiliate of Rydex Investments.

While the current economic outlook showed a slight increase at 2.06%, advisors stock market outlook declined 1.43%.

The ACI is a monthly benchmark that gauges advisors' views on the U.S. economy and markets.

The majority of advisors surveyed were not concerned about a potential bond bubble burst in 2011, and more than half indicated they were downsizing their fixed income holdings, according to the February report.

"In terms of the big picture, the environment is more supportive of equities over fixed income," said Kenny Landgraf of Kenjol Capital Management LLC.

The ACI is modeled after the Consumer Confidence Index and captures the sentiments of 150 independent registered investment advisors. The participating advisors answer four multiple-choice questions every month reflecting their views of the economy.