Portfolio managers of the largest investment funds believe in global economic recovery at the expense of the U.S. economy which will grow even without the dollar issue. From emerging markets remains the most attractive Russian, but against the termination of rising oil prices the interest in it gradually decreases.
Another survey of Bank of America Merrill Lynch (BofA) has demonstrated improvement in portfolio managers' expectations about the prospects for global economic recovery. Among the representatives of 265 companies, which manages assets of $ 792 billion, the number of managers who are confident in continuing global recovery over the next 12 months, 19% higher than the number of those who doubted it. In recent months, the mood was far more pessimistic, so, in May, the optimists were only 10% more than pessimists.
The main risks to the global economic recovery portfolio managers see a potential slowing of European economies because of the growing debt crisis. Rating agency Moody `s has lowered the ratings of the sovereign of Portugal and Ireland to" junk "level. Also not ruled out the possibility of partial default, Greece. According to the survey, the number of managers expecting the fall of the euro zone economy, 22% exceeded the number of those who believe in its growth. Disappointment among investors was the highest since April 2009. These figures show that the problem of public debt in the euro area are perceived by investors as the biggest risk of return of their portfolios. According to the survey, the number of respondents who hold this view, a 64% higher than the number of those who does not think so. A month earlier, the excess was only 43% .. In such circumstances, investors prefer to reduce investment in European assets.
However, investors are increasing their investments in other regions, including the United States. Managers are so confident in restoring the American economy, they see no need in the third round of quantitative easing (QE3), the possibility of which said last week Federal Reserve chairman Ben Bernanke. According to the survey, the number of managers who are confident in the fact that QE3 not happen for 40% of those who think differently. The Fed could go on QE3 only if the S & P 500 fall from current levels by 20% sure the majority of the respondents. "Answers to the question about the third round of quantitative easing this month, show that investors do not want politicians began to panic. Many expect the Fed will apply QE3, if the S & P 500 falls below 1,100 points," - said the chief strategist for the stock market BofA Merrill Lynch Global Research, Michael Hartnett.
The most popular among managers are emerging markets. According to the survey, among those who increased the proportion of its portfolio securities of companies in developing countries, was a third more than those who did not. In June, the optimists were only 23% more pessimistic. At the same time the Russian market remains a priority among portfolio managers, although interest in it gradually weakens. According to BofA, the number of managers, to increase investment in Russia, 58% higher than the number of those who did not. A month earlier the figure was 65% higher, and in February - more than 88%. Declining interest in Russian assets is also confirmed by Emerging Portfolio Fund Research. Since the beginning of July funds, investment declaration which focuses on Russia, lost $ 54 million, but since the beginning of the volume of borrowings are still more than $ 3.3 billion, "the Russian market is attractive for foreign investors, while more expensive oil - the director Dmitry Simargl Capital Garden. - Due to the fact that oil prices have stopped growing, cut the flow of liquidity in the Russian market by non-residents. "
Another survey of Bank of America Merrill Lynch (BofA) has demonstrated improvement in portfolio managers' expectations about the prospects for global economic recovery. Among the representatives of 265 companies, which manages assets of $ 792 billion, the number of managers who are confident in continuing global recovery over the next 12 months, 19% higher than the number of those who doubted it. In recent months, the mood was far more pessimistic, so, in May, the optimists were only 10% more than pessimists.
The main risks to the global economic recovery portfolio managers see a potential slowing of European economies because of the growing debt crisis. Rating agency Moody `s has lowered the ratings of the sovereign of Portugal and Ireland to" junk "level. Also not ruled out the possibility of partial default, Greece. According to the survey, the number of managers expecting the fall of the euro zone economy, 22% exceeded the number of those who believe in its growth. Disappointment among investors was the highest since April 2009. These figures show that the problem of public debt in the euro area are perceived by investors as the biggest risk of return of their portfolios. According to the survey, the number of respondents who hold this view, a 64% higher than the number of those who does not think so. A month earlier, the excess was only 43% .. In such circumstances, investors prefer to reduce investment in European assets.
However, investors are increasing their investments in other regions, including the United States. Managers are so confident in restoring the American economy, they see no need in the third round of quantitative easing (QE3), the possibility of which said last week Federal Reserve chairman Ben Bernanke. According to the survey, the number of managers who are confident in the fact that QE3 not happen for 40% of those who think differently. The Fed could go on QE3 only if the S & P 500 fall from current levels by 20% sure the majority of the respondents. "Answers to the question about the third round of quantitative easing this month, show that investors do not want politicians began to panic. Many expect the Fed will apply QE3, if the S & P 500 falls below 1,100 points," - said the chief strategist for the stock market BofA Merrill Lynch Global Research, Michael Hartnett.
The most popular among managers are emerging markets. According to the survey, among those who increased the proportion of its portfolio securities of companies in developing countries, was a third more than those who did not. In June, the optimists were only 23% more pessimistic. At the same time the Russian market remains a priority among portfolio managers, although interest in it gradually weakens. According to BofA, the number of managers, to increase investment in Russia, 58% higher than the number of those who did not. A month earlier the figure was 65% higher, and in February - more than 88%. Declining interest in Russian assets is also confirmed by Emerging Portfolio Fund Research. Since the beginning of July funds, investment declaration which focuses on Russia, lost $ 54 million, but since the beginning of the volume of borrowings are still more than $ 3.3 billion, "the Russian market is attractive for foreign investors, while more expensive oil - the director Dmitry Simargl Capital Garden. - Due to the fact that oil prices have stopped growing, cut the flow of liquidity in the Russian market by non-residents. "
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