Almost half of the 66 delegates will increase their weighting in alternative UCITS equity strategies, while only 5% is planning to allocate less money to the asset class. Fund managers speaking at the congress attributed the turn in sentiment to the high valuations seen among US equities, forcing asset managers into short strategies. “Throughout 2013 we have seen a big re-rating in US equity valuations, from average PE-ratios of 12 to about 15. So it is the right attitude to be ambivalent towards US equities”, said Alex Robarts, manager of the RWC US Absolute Alpha Fund.
