81.   But on Wall Street, said Doug MacKay, a portfolio manager at Oak Associates, a mutual fund company that holds more than seven million AIG shares.

82.   But portfolio managers note that a rising currency is not always an unmitigated disaster, especially for funds that hedge their investments.

83.   But portfolio managers say a little finesse will be needed to find the bargains.

84.   But on Tuesday, five portfolio managers from the firm gathered to do just that.

85.   But some new issues may be prove to be worthwhile buys, according to Christian Stadlinger, a portfolio manager with Provident Capital Management in Philadelphia.

86.   But the headlines seemed to set off concern among some portfolio managers, who are sitting on large gains this year.

87.   But the portfolio managers made the conscious decision to allow the cash ratios to rise because they were far more nervous than were the mutual fund shareholders.

88.   But that is a market judgment, and the Washington State Investment Board has traditionally left market judgments to professional portfolio managers.

89.   But that run-up does not bother Donald Hoskins, portfolio manager for the Excelsior Emerging Americas fund, which counts Telebras among its holdings.

90.   But they all tend to be large-capitalization stocks of high quality, said Frederick Simmons, the portfolio manager.