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Alternative Market Briefing

Investors moving towards risk aversion: CFA UK survey

Friday, August 24, 2018

Laxman Pai, Opalesque Asia:

CFA UK's latest Valuations Index indicates a risk-off mentality amongst investors in Q2 2018, with those surveyed seeing most value in safe haven assets.

The Index, which measures investors' perceptions of the value of equities, shows that investors see better value in government bonds than in the previous quarter.

According to the Index, perceptions of overvaluation decreased 4%, dropping from 80% in Q1 2018 to 76% in Q2 2018. The yield of government bonds, meanwhile, increased slightly over the same period.

However, the Q2 2018 survey reveals that 4% more respondents are struggling to find value in emerging market equities. Although more than two thirds of investors polled still believe emerging market equities are either undervalued or fairly valued, this is the second most bearish observation of the asset class since the Valuations Index began.

Investor's views of developed market equities remain largely comparable with Q1 2018. Whilst the percentage of respondents noting overvaluation is considerably lower than the recent peaks in Q3 and Q4 2017 (74% and 73% respectively), at 64%, it is clear that concern continues.

Perceptions of corporate bond overvaluation also remain very high, with 79% of respondents now perceiving the asset class to be either somewhat or very overvalued. At 1.96%, the yield is currently its highest since Q1 2016.

Gold, meanwhile, is seen as better value in Q2 2018 than ever before in......................

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