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Alternative Market Briefing

Fund managers' confidence in EU offsets sell off in emerging markets

Wednesday, September 18, 2013

Komfie Manalo, Opalesque Asia:

A survey by the BofA Merrill Lynch has found that fund managers are bullish on European equities and confidence has reached pre-crisis levels that offsets the market sell-off in emerging markets.

In a poll conducted from 6 September to 12 September 2013 amongst 236 panelists with $689bn of assets under management, the BofA Merrill Lynch Fund Manager Survey for September showed that allocations to Eurozone equities have reached their highest level since May 2007. A net 36% of global asset allocators are overweight the region, more than twice the net 17% recorded in August. A net 12% of asset allocators are overweight U.K. equities, which represents an all-time high. Allocations to emerging market equities remain low with a net 18% of the panel underweight.

The survey said, "Investors have signaled their intent to maintain flows into Europe. A net 27 of investors say that the Eurozone is the region they would most like to overweight in the coming 12 months – also the highest reading since May 2007. The switch in sentiment towards Europe has been swift. Only a net 2% expressed a desire to overweight the region in July. Greater confidence in Europe’s economy is evident. Half of the panel believes that stronger EU growth is the most likely solution to the region’s debt crisis ......................

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