Russell Investment’s new quarterly survey of investment managers reports a fair degree of confidence in the performance outlook for the global economy and capital markets next year.

A few highlights from the survey:
* A majority of 200-plus managers expect gains for the U.S. equity market in 2011…

* A majority of the managers surveyed think the U.S. equity market is fairly valued or under valued…

* Managers favor U.S. large-cap equities, emerging market equities, and U.S. midcap growth stocks for the year ahead…