Dubai PR Network, Online Press Release from Dubai and Middle East
 
Business, Banking and Investments(Banking & Investments)
Filter PR by
  
Global Fund Manager Survey
 
The Rotating Top
 
United Arab Emirates,  September 16, 2020:
 
 
Key takeaways 
 
•         Rotating Top: investors 'rotating' not 'chasing' stocks following epic 51% rally from March lows
•         The vaccine's the thing: 41% say C-19 vaccine most likely trigger for higher bond yields, investors say Q1'21 likely timing
•         FMS contrarian trades: UK, energy, banks longs (on 10Y >1%); US tech, healthcare, discretionary shorts (on vaccine)
 
 
 
BofA September Global Fund Manager Survey
Bottom line: FMS shows investors 'rotating' not 'chasing' stocks following epic 51% rally from March lows; BofA Bull & Bear Indicator unchanged at 3.9… positioning implies SPX 3300-3600 range holds, and cyclical rotation still in early phase; Sept Zeitgeist… 
• 'It's a bull market': 58% of investors say new bull market has begun (25% in May). 
• 'No longer a recession': 1st time since Feb more investors (49%) say macro in early-cycle phase than recession (37%); net 84% say global growth up next 12 months. 
• 'It's not escape velocity': 61% predict U- or W-shaped recovery vs 20% say V-shaped; 51% still prefer balance sheet discipline vs 37% want increased capex (was 13% in Apr); shows FMS investor doubt on sustainability of upturn. 
• 'Dry powder': FMS cash levels rose from 4.6% to 4.8% (greed <4%, fear >5%).
• 'We're paranoid tech': long US tech most 'crowded trade' of all-time (80%); 'tech bubble' now #2 FMS tail risk after COVID-19 'second wave'; 1-month return reversal occurs after 'peak crowded trade' in 14/22 months in past decade (Table 1).
• 'Let's cyclically rotate': FMS rotation continues on macro; tech, healthcare, large cap longs trimmed, industrials @ highest overweight since Jan'18, flows to small cap & value up; but no regional rotation (US>EU/UK/EM) and banks/energy shunned.
• 'The vaccine's the thing': 41% say credible COVID-19 vaccine most likely trigger for higher bond yields, followed by inflation (37%); investors say vaccine announcement most likely Q1'21; only 11% think 10Y UST yields will break out from 50-100bps range by year-end; and note 4 in 5 investors say flip in US Senate will be risk-off.
• 'Contrarian trades': relative to history (Z-score) and Sept FMS flows UK, energy, banks most contrarian longs (trigger is 10Y UST yield>1%); US tech, healthcare, discretionary most contrarian shorts (trigger is vaccine) - Chart 1. 


Posted by : Dubai PR Network Editorial Team
Viewed 3465 times
PR Category : Banking & Investments
Posted on : Wednesday, September 16, 2020  12:39:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : Hitachi ABB Power Grids Expands Tropos Portfolio with Wirele...
Next Story : Dubai Chamber Whitepaper Examines Growth Potential of UAE Sp...
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
Devika Bulchandani Named CEO of Ogilvy North America & Global Chairwoman of Advertising [4416-Views]
Say Yes to Rejuvenated Skin with Filorga's Anti-Ageing Skincare Regimen [3612-Views]
What You Don't See [2632-Views]
Registrations Now Open for the 3rd Edition of the Dubai Festival City Santa Run [2460-Views]
National Geographic Premieres Virus Hunters: A Chilling Chronicle of the Heroic Experts on... [2374-Views]
Al Tayer Motors Wins Ford Trucks' Champions Award 2019 [2288-Views]
Persil Rewards Aspiring Abaya Designers With Scholarships [2202-Views]
MBRU-LED Genetic Study Reveals Crucial Insights Into Make-up of MRSA Superbug [2050-Views]
Discover Your Perfect Shade of Beige this Autumn/ Winter from Emilia-Romagna [1976-Views]
DHA Approves Saliva for COVID-19 Testing in Children [1870-Views]
UK Ambassador to the UAE Receives Latest Update on Covid-19 Vaccine From SEHA [1865-Views]
UAE Businesses Urged to Follow WHO Legionella Guidelines To Avoid Health Risks [1816-Views]
Invesco Analysis Shows Investors Using Futures for Gold Exposure May Be Overpaying [1800-Views]
Samsung Invites UAE Consumers to Experience the All New Air Dresser at Galeries Lafayette [1722-Views]
Philips World COPD Day Survey Reveals Global Shifts in Awareness and Action Surrounding Re... [1714-Views]
Karl Lagerfeld Introduces a New Style in the Fall-Winter 2020 Eyewear Collection [1714-Views]
Sanctuary Refined: New Lincoln Nautilus Brings Serene Design, Elevated Technology to Midsi... [1710-Views]
IATA Travel Pass Key to Reopening Borders Safely [1660-Views]
AquaChemie Breaks Ground on $40 M Petrochemical Terminal at Jebel Ali Port [1648-Views]
Dubai Health Authority Launches a New Stand-alone Laboratory Facility [1603-Views]
"Be Flawless" for the Perfect Complexion [1587-Views]
3 Day Super Sale Offers Up to 90 Percent Off Big Name Brands [1558-Views]
Emiratis Al Hassani and Al Zeyoudi Bag Men's Honours at Al Marmoom Dune Run [1546-Views]
Millions of Lung Cancer Patients See Gene Therapy and Immunotherapy Medical Innovations as... [1537-Views]
Preliminary Camel Race for the National Day Camel Marathon kick-off on Friday, 27 Nov [1537-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories