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Alternative Market Briefing

Global investors take 'risk-off’ stance amid Grexit and interest rate concerns

Wednesday, June 17, 2015

Komfie Manalo, Opalesque Asia:

A survey of 207 global investors with an aggregate $562bn in assets under management has found that the majority of them are concerned about a Greek default and a possible bubble in Chinese equities. The June BofA Merrill Lynch Fund Manager Survey (FMS), conducted with the help of market research company TNS, also found that investors have moved out of equities and into cash ahead of an expected U.S. Fed rate hike.

The findings of the survey include the following:

  • Cash levels rise to 4.9% of portfolios, up from 4.% in May; the proportion of investors overweight equities falls to net 38% from 47%.
  • Expectations of higher rates are the highest since May 2011, with a net 80% of the panel forecasting a rise in short-term rates. The majority of the FMS panel sees a negative resolution of Greece talks: 15% predict Grexit, and 42% predict default without exit.
  • China worries: seven out of 10 investors say China’s equity market is in a "bubble." A net 50% see China’s economy weakening.
  • The proportion of investors expecting to underweight global emerging markets surges to a net 21% from net 6% in May.
  • Corporate operating margins will fall in the coming 12 months, say a net 17% of investors – up from net 5% in May.
  • The U.S. dollar ......................

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