Money Fund Manager Survey: Professional Investors Switch to Bull Mode

09:26  19 august  2020
09:26  19 august  2020 Source:   handelsblatt.com

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Professional investors closed out 2019 in an upbeat mood and are dumping cash to buy into this stock market rally, according to one of the Expectations are for the S&P 500 to peak at a bull market high of 3,322, according to the December Bank of America Global Research Fund Managers Survey .

Highlights of BAML fund manager survey – no recession expected. The survey also indicated that professional investors remain overweight equities and underweight bonds, and are still The BAML survey also revealed that the number of U.S. dollar bulls had sunk to a 3-year low, as it was down to

Die monatliche Umfrage der Bank of America ist die wichtigste und umfangreichste regelmäßige Einschätzung der Aktivität weltweiter Fondsmanager. © AP The monthly Bank of America survey is the most important and most comprehensive regular assessment of the activity of global fund managers.

fund managers are giving stocks as much weight in their portfolios as they have not for months. Euro zone stocks are particularly in demand.

It took a long time, but now most investors are convinced: Share prices have left their March lows permanently behind them, and there will be no more relapse. This is a result of the widely acclaimed monthly Bank of America (BofA) survey, in which this time 203 fund managers took part, who together manage $ 518 billion.

The bottom line is that only 35 percent of the portfolio managers surveyed at fund companies, pension funds, companies and banks believe in a bear market rally - that is, an upturn in the stock markets after a crash with a subsequent even more severe relapse.

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Fund Manager Survey An overall total of 211 panelists with US0 billion of assets under The survey was conducted by BofA Merrill Lynch Global Research with the help of market research These cookies are necessary for the website to function and cannot be switched off in our systems.

Investing .com - Global fund managers are more bullish on stocks than they were a month ago, according to the latest Bank of America Merrill Lynch (NYSE:BAC) Fund Manager survey . Managers increased their exposure to stocks and now expect the bull market to last longer.

Since mid-March, prices have risen by around 50 percent worldwide, after having previously slumped between 30 and 40 percent. In the USA , the technology exchange Nasdaq has been rushing from record to record for weeks, the US leading index S & P 500 is on the verge of a new all-time high.

In May, a net 65 percent of fund managers classified the recovery as a bear market rally , and worries have since subsided. Net, in the terminology of the survey, means that at the time there were 65 percent more investors who feared a bear market rally than those who didn't.

Overweight in stocks

Investors' confidence is also evident in their investments: In their portfolios, a net 17 percent of investors are overweighted in stocks. According to BofA, investors are more “bullish” than they have been since February. At that time - before the crash - a third of investors weighted stocks more than the benchmark indices for their respective houses.

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Professional investors are keen to extol the virtues of long-term performance, but there comes a time when even the most respected of stock pickers should be cut adrift. So how long should you wait before switching fund managers ? Brian Dennehy of FundExpert, an investment shop, said only a

Professional risk managers are key to ensuring that risk is properly hedged and accounted for and that surprises are kept to a minimum. A mutual fund is a type of investment vehicle consisting of a portfolio of stocks, bonds, or other securities, which is overseen by a professional money manager .

This is why the strategists at BofA Global Research do not yet consider the positioning of investors to be "dangerously bullish". There is a simple consideration behind this statement: if investors already hold a large number of stocks, the risk of setbacks is greater because they will reduce their overweighted equity exposure more quickly if the news is worse. For the first time since May 2018,

shares in the euro zone are at the top of the favor of investors. A third of them weight them more heavily in the portfolio than the benchmark. This corresponds to an increase of 17 percentage points. With a view to the development of the corona pandemic, government aid and politics as a whole, many investors consider the risks in the euro zone to be lower than in the USA.

In the emerging markets, 26 percent of investors are overweight, in US stocks only 16 percent. When it comes to the breakdown by industry, however, technology stocks, which are mainly found in the USA, are still ahead. Health industry stocks are also popular with those surveyed by the BofA.

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BofA global fund manager survey . The report also found extreme investor pessimism as cash levels jumped to 5.9%. Bank of America's survey of 207 investors with 7 billion in assets under management showed they are holding the highest level of cash since the 9/11 terrorist attacks.

The latest BofA fund manager survey results are out I think the sentiment that this was a bear market rally has died quite a while back. The fact that the Nasdaq is making record highs and the S&P 500 itself is close to its own all-time highs is continuing to put that argument to rest - for now at least.

Investors' confidence in the stock exchanges is closely related to their assessment of the economic outlook. 79 percent of those surveyed expect the economy to develop better next year than in 2020. In view of the economic downturn this year, this is not surprising, the starting point is very low. For the euro zone, Martin Moryson, European chief economist at the DWS fund company, says: “We will have to wait at least two years before the level of economic activity is reached again at the end of 2019.”

gold price overvalued?

It is therefore not surprising that many investors consider the markets to be overvalued: This applies not only to stocks, but also to bonds and gold. With gold in particular, many investors are cautious after the recent rally, , which drove the gold price to a record high of over 2000 dollars, : 31 percent now consider the metal to be overvalued - nobody found this a month ago.

More: Five reasons why analysts see European stocks as an advantage

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