Esteemed hedge-fund manager Barton Biggs, who dumped half his stock holdings in early July amid fear of a double-dip recession, has loaded back up as his worry eases.

Bullish stock positions now account for 75 percent of his fund at Traxis Partners, Bloomberg reports.

“I’ve definitely changed my mind to the degree of risk out there,” he told the news service.

“Economic data around the world in the last 10 days to two weeks has turned more positive. It has exceeded forecasts almost without exception. The odds of the world slumping into a significant slowdown have diminished.”

When Biggs sold a few weeks ago, he was concerned that governments were withdrawing economic stimulus too quickly.

But on July 8, the International Monetary Fund raised its forecast for 2010 global growth to 4.6 percent from 4.2 percent. U.S second-quarter GDP growth Friday was reported as 2.4 percent.

Proctor & Gamble, Deere, Caterpillar, Cisco Systems and Microsoft will thrive as the economy rebounds, Biggs says. He had jettisoned almost all his U.S. technology stocks in the earlier selloff.

But, “the environment is fairly decent right now and there are opportunities,” Biggs said

Others agree with him.

“The level of negativity had gotten to an extreme, and what we’re seeing with the underlying fundamentals is that fears of a double dip were greatly exaggerated,” Larry Smith, chief investment officer for Third Wave Global Investors, told The Wall Street Journal.