Investing.com -- Investors should avoid waiting for perfect market conditions and consider moving surplus cash into diversified portfolios, despite major equity indexes trading near record highs, UBS said in a strategy report. Phased investment may reduce the behavioural risk associated with entering markets near record highs, though UBS said it does not guarantee better returns. Nearly 40% of self-directed equity investors on UBS's platform hold more than half their equity allocation in ten stocks or fewer. Related articlesShould you invest in the stock market now? UBS weighs inJapan's stock market is facing these 3 hurdles in AugustTrump orders new military strikes on Iran as talks collapse, WSJ reports