While many money funds and other investors have been lightening up on European assets, eight of the 20 biggest money funds have increased their European holdings in the 10 months leading up to May, according to a story in the Wall Street Journal.

The managers that have added European assets, including BlackRock and Goldman Sachs, argue that they are not adding to their risk because they're buying repurchase agreements issued by European banks. The repos are backed by collateral such as government securities that would be used to make the money funds whole should the banks run into problems.

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