By David Randall NEW YORK (Reuters) - Fed Chair Janet Yellen may have surprised the markets this week by noting that valuations in some parts of the U.S. stock market look stretched but mutual fund managers mostly greeted her comments with a shrug. Social media, small company and biotech stocks fell broadly Tuesday after the Federal Reserve noted that forward price to earnings multiples in those sectors appear "high relative to historical norms." It was the first time in 14 years that the U.S. central bank had made specific comments on the valuations on a particular equity sector. For mutual fund managers, however, it was added confirmation that the five-year-old bull market is showing its age. As a result, fund managers are holding fewer companies overall and making trades less frequently, according to a recent report by Nasdaq OMX Group.
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