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Alternative Market Briefing

Fund managers, bullish on Europe, anticipate monetary policy separation of Fed and ECB

Wednesday, September 17, 2014

Komfie Manalo, Opalesque Asia:

At least 202 fund managers with $556bn of assets under management said that while the European Central Bank (ECB) has eased its monetary policy that sent sentiments towards Europe to pick up, the Fed is expected to hike its rate in the spring of 2015.

Investors to overweight Europe

A BofA Merrill Lynch Fund Manager Survey for September showed that belief in Europe’s stocks has started to recover after the heavily negative sentiment expressed in August’s survey. In the wake of the decision to lower rates to close to zero, asset allocators have increased exposure to eurozone equities. A net 18% are overweight the region, up from a net 13% a month ago. Europe is also the region that a net 11% of investors most want to overweight in the coming 12 months. Last month, a net 4% wanted to underweight Europe.

The survey said, "Global investors are predicting further policy action from the ECB – 42 percent of the panel now expects the ECB to start quantitative easing (QE) by the end of 2014, up from 32 percent expressing that view in August. Furthermore, the proportion saying there will be no QE program has fallen to 19 percent this month from 31% last month."

At the same time, expectations of Fed tightening have firmed. Nearly half (48 percent) of investors are expecting t......................

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