Investment managers are taking more notice of large cap growth equities, while the energy sector keeps chugging along as one of the market's most bullish sectors.
   Those were the results of the latest Russell Investment Group's Investment Manager Outlook, which polled advisors on their view of the first quarter.
   Among the most significant changes, according to Russell, was the fact that 71% of surveyed investment managers were bullish on large cap growth stocks-up 8% points since the fourth quarter of 2004.
   Emerging markets and health care also has attracted increased interest from managers since the fourth quarter, according to the survey.
   "Even though small-cap value stocks have a strong track record, managers think the investing environment is about to change," says Randy Lert, Russell's chief portfolio strategist.  "The catalyst for that change may be a spike in long-term interest rates."
   Other notable trends in the survey:
    Estimation of market valuation is almost identical to the fourth quarter, with 69% saying it is fairly valued, 17% saying it is undervalued and 14% saying it is overvalued.
    The three most bullish asset classes are U.S. large cap growth, non-U.S. developed market equities and emerging market equities.
    The three least bullish are corporate bonds, U.S. treasuries and high-yield bonds.
    Health care, other energy and integrated oils are the most bullish sectors.
    Autos, transportation, utilities and financial services are among the least bullish.
    Utilities (-13.5% points), consumer staples (-5.2%) and consumer discretionary (-3.3%) lost the most bullishness.