Sport fund manager as optimistic as never before 2020

09:55  25 november  2020
09:55  25 november  2020 Source:   finanzen.net

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Richard Parfect, fund manager at Seneca Investment Management , says: "UltraElectronics is just one example of a previously unloved stock – it had some issues in the past but enjoyed a strong In line with his optimistic approach, Fuller sides with the bulls, reiterating a Buy rating and price target.

The Pre-Markets Rundown: November 24, 2020 .

2020 has been a year full of challenges so far. Sharp fluctuations in the stock markets also influenced the investment decisions of fund managers. But they are now confident about a trend reversal.

SAEED KHAN/AFP/Getty Images © Provided by Finanz.net SAEED KHAN / AFP / Getty Images

• Asset managers with great confidence for the stock market

• Equity quota increased again, cash quota decreased

• Is a sell signal threatened?

fund managers are more optimistic than ever this year, according to a monthly survey by Bank of America Merrill Lynch among fund experts.

Confidence for the stock market

190 asset managers who manage a total of 526 billion US dollars were surveyed. And a large number of them expressed confidence in both the economic recovery and the stock market. This becomes particularly clear when looking at the equity allocation: with a net overweighting of 46 percent, the highest value since January 2018 was reached. The cash quota sank further and leveled off at an average of 4.1 percent after it had been 4.4 percent in the previous month. The positions in bonds and European equities were also reduced compared to the previous month.

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Fund managers and strategists at Fidelity International Ltd., Citigroup Inc. and Bank of Singapore Ltd. are bullish on the city-state’s 3 billion stock market Singapore is “one of the cheapest” markets in Asia and its economy is reopening, Fidelity fund managers , Paras Anand and George Efstathopoulos

Investors were prepared to “look through” the 2020 slowdown, with a 20% fall in S&P 500 earnings being priced in to the market before a 25 The bank’s research team, led by global head of markets Chris Turner, said the consensus 20% decline for U.S. corporate earnings in 2020 was “too optimistic .”

These are primarily stocks from the emerging markets, Small Caps , value and bank stocks that have found their way into the funds, as the survey also shows.

Vaccine reports support the cops

In the value area, it is news from the pharmaceutical and biotech industries in particular, in which positive reports about the timely availability of vaccines against COVID-19 have made the rounds, that support the bullish assessment of the fund managers. The survey participants now expect a reliable vaccine against the coronavirus a month earlier - namely in January 2021.

sell signals ahead?

According to experts at Bank of America Merrill Lynch, the survey results also harbor risks. In particular, the share value of 46 percent and the cash quota of 4.1 percent worry the banking experts and are "a warning signal". The extremely bullish investor sentiment suggests that a lot has already been priced in in the share prices. If the equity quota is more than 50 percent, the analysts speak of a sell signal. They interpret a cash quota of less than 4 percent in a similar way - the current survey results come quite close to these thresholds.

This is how investors should react now

For investors, the bank's analysts summarize against this background that the "reopening rotation could continue in the 4th quarter". Still, investors should sell "if a vaccine arrives in the coming weeks / months". "In our opinion, we are on the verge of a 'full bull' scenario," said Bank of America strategist Michael Hartnett. He warns that the great optimism of the asset managers holds short-term risk of correction.

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This is interesting!