tempered,andbondsdrivingthe“herd”;BofABull&BearIndicatorupto5.5,highestsinceNov'21,positioningnotcontrarian+ve;newcatalysts(e.g.globalgrowth)requiredforupside.OnMacro:FMSinvestorsleastpessimisticonglobalgrowthsinceFeb'23,onprofitssinceFeb'22;“soft/no”landingsay79%vs.17%say“hard”lan...
4/10sayrecession“unlikely”(was1/10Nov’22),EPSoptimismhighestsinceFeb'22;USfiscalpolicyasstimulativetodayasatCovidpeak(Dec’21)yetexpectationsforlowerratesnowhighestsinceNov’08.OnRisks:FMScash2GlobalFundManagerSurvey|15August2023ChartsoftheMonthChart2:FMSsentimentleastbearishsince...
Global investors are in a bearish mood amid low growth expectations and worries over stagflation, but have not yet cut equity allocations to recessionary levels, according to Bank of America’s (BofA) global fund manager survey for March. The survey, which took place be...
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initsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.Refertoimportantdisclosuresonpage13to15.AsiaFundManagerSurveyRationaloptimismClearerskiesaheadTheglobaleconomic...
“peakgeopoliticalrisk”.TheBiggestPicture:BofAGlobalFundManagerSurvey(FMS)shows’24investorbasecaseis“softlanding”(67%),lowerinflation(82%),rates(80%)&bondyields(61%),weakerUS$(65%),stockstoupperendofBiden3.6-4.8kSPXrange;alsorevealstheleastexpectedoutcomesin’24,hedgingopportunitiesand“tradesofthe...
(24ppt)drivenbyhigheryields,aversiontoleverage;andyieldcollapsefrom5%to4%past10weeksthusbullishleverage&breadth;just2%expectlowerrates,18%loweryieldsin’24saysBofADecFundManagerSurvey;bigriskisQ4bonds,bullion,breadthrallyreversesearlydoors’24.TheBiggestPicture:Decpayroll:NFP>220k&AHE>0.3%AHE=GT10to4¼...