LONDON (Reuters) - Top investors around the world rebuilt equity holdings during a shaky October for stock markets, boosting allocations from September's 7-month low and cutting bond positions to their lowest since December 2008, a Reuters poll showed yesterday.

The poll of 50 fund managers from the United States, continental Europe, Britain and Japan — conducted over the past two weeks of this month — indicates that the recent correction in equity prices may be seen as a buying opportunity.

The poll's average equity allocation worldwide bounced back to 56.4 percent from last month's trough of 54.9, although it remained below the peak of 57.1 from August and an average for the five-and-a-half year history of the poll of 59.2.

The re-established equity positions came against a rollercoaster month for world stocks which, although broadly flat since October 1 levels, retreated sharply over the past fortnight from new 12-month highs set mid-month.

"Our marginal increase to US equities stems from our view that the probability of a double-dip recession is low, given the backdrop of no pricing pressure," said Doug Gordon, investment strategist at Russell Investments in Tacoma, Washington.

That long-term confidence was reflected on both sides of the Atlantic. "We strongly think that growth is going to snap back," said Franz Wenzel, senior investment strategist with AXA Investment Managers in Paris.

And Japanese funds held their nerve on equity too.

"Share prices will remain on a rising trend as corporate earnings continue to improve," said Masaru Yamagishi, chief strategist at Sumitomo Mitsui Asset Management, pointing out that some 80 percent of the latest U.S. earnings had beaten forecasts.

Notes of ongoing caution about the state of world markets was reflected in a bounce back in average cash positions to 4.6 percent this month — its highest level since April and up more than a point from August's 2009 low of 3.3 percent.

However, the big loser was bonds, where allocations dropped almost two points to 33.9 percent — their lowest since December of last year when the credit storm was at its height.