LONDON, May 1 (Reuters) - Global investors are eyeing European and emerging market assets to protect themselves from further turbulence in U.S. stocks and bonds as stubborn inflation causes bets on the timing of Federal Reserve interest rate cuts to be revised. April was a washout on Wall Street, with the S&P 500 share index (.SPX), opens new tab and U.S. Treasuries posting their biggest monthly loss since September. Money managers are now looking for ways to limit losses if the trend does not reverse. Advertisement · Scroll to continue That could entail the restructuring of portfolios that had been lifted for years by richly-valued U.S. equities, said Sonja Laud, CIO at Legal & General Investment Management, which manages roughly $1.5 trillion. "Diversification will be a lot more important going forward," she said, adding that LGIM was not expecting superior returns from global stocks but now preferred European shares to those from the United States. Amelie Derambure, senior multi-asset manager at Amundi, Europe's biggest asset manager, said she still expected long-term gains from U.S. stocks but had bought put options to protect against a 10% fall. She had also switched some cash out of Treasuries into euro zone bonds. The S&P 500 fell 4.2% in April. ENTER EUROPE U.S. stocks have provided about 80% of the price return of the MSCI World share index since 2020 in dollar terms, Pictet Asset Management calculates (.MIWO00000PUS), opens new tab