| 1.) What is your broad macroeconomic outlook? | |
| Positive | 47% |
| Uncertain | 29% |
| Negative | 24% |
| 2.) Re Global Emerging Market Equities, over the next 12 months do you expect to: | |
| Increase your weighting | 32% |
| Keep it the same / uncertain | 47% |
| Decrease your weighting | 21% |
| We don’t use this asset class | 0% |
| 3.) Re Developed European Equities, over the next 12 months do you expect to: | |
| Increase your weighting | 50% |
| Keep it the same / uncertain | 33% |
| Decrease your weighting | 17% |
| We don’t use this asset class | 0% |
| 4.) Re UK Equities, over the next 12 months do you expect to: | |
| Increase your weighting | 10% |
| Keep it the same / uncertain | 25% |
| Decrease your weighting | 40% |
| We don’t use this asset class | 25% |
| 5.) Re US Equities, over the next 12 months do you expect to: | |
| Increase your weighting | 43% |
| Keep it the same / uncertain | 43% |
| Decrease your weighting | 14% |
| We don’t use this asset class | 0% |
| 6.) Re Asian Equities, over the next 12 months do you expect to: | |
| Increase your weighting | 45% |
| Keep it the same / uncertain | 25% |
| Decrease your weighting | 20% |
| We don’t use this asset class | 10% |
| 7.) Re Japanese Equities, over the next 12 months do you expect to: | |
| Increase your weighting | 19% |
| Keep it the same / uncertain | 33% |
| Decrease your weighting | 33% |
| We don’t use this asset class | 14% |
| 8.) Re Developed Market Government Bonds, over the next 12 months do you expect to: | |
| Increase your weighting | 14% |
| Keep it the same / uncertain | 32% |
| Decrease your weighting | 45% |
| We don’t use this asset class | 9% |
| 9.) Re Developed Market Corporate Bonds, over the next 12 months do you expect to: | |
| Increase your weighting | 29% |
| Keep it the same / uncertain | 48% |
| Decrease your weighting | 24% |
| We don’t use this asset class | 0% |
| 10.) Re Developed Market High-yield Bonds, over the next 12 months do you expect to: | |
| Increase your weighting | 23% |
| Keep it the same / uncertain | 36% |
| Decrease your weighting | 32% |
| We don’t use this asset class | 9% |
| 11.) Re Emerging Market Government Bonds, over the next 12 months do you expect to: | |
| Increase your weighting | 15% |
| Keep it the same / uncertain | 45% |
| Decrease your weighting | 15% |
| We don’t use this asset class | 25% |
| 12.) Re Emerging Market Corporate Bonds, over the next 12 months do you expect to: | |
| Increase your weighting | 38% |
| Keep it the same / uncertain | 29% |
| Decrease your weighting | 5% |
| We don’t use this asset class | 29% |
| 13) Do you use any form of risk-weighting in your portfolio construction? | |
| Yes | 75% |
| No | 25% |
| 14.) Behavioural economics question: which prize would you choose? | |
| 100% chance of €650k | 47% |
| 95% chance of €800k but a 5% chance of nothing at all | 53% |
| Note: economists value option 1 at €650k and option 2 at €760k – so a rational being should choose 2 | |
| 15.) Re European small caps over the next 12 months do you expect to: | |
| Increase your weighting | 53% |
| Keep it the same / uncertain | 29% |
| Decrease your weighting | 0% |
| We don’t use this asset class | 18% |
| 16.) Which is the greater immediate threat? | |
| Inflation | 28% |
| Deflation | 72% |
| 17.) There is a serious risk of inflation in: | |
| 1 year | 0% |
| 3 years | 53% |
| 5 years | 47% |
| 18.) There is a serious risk of deflation in: | |
| 1 year | 47% |
| 3 years | 41% |
| 5 years | 12% |
| 19.) Should investors stop basing their portfolios on government bond yields? | |
| Yes – there are better ways of creating portfolios | 21% |
| Not sure | 29% |
| Keep same | 50% |
| 20.) How useful are the rating agencies? | |
| Very | 38% |
| Not sure | 31% |
| Not at all | 31% |
| 21.) What will be the fate of the euro? | |
| It will not exist in 2 years | 0% |
| It will not exist in 10 years | 25% |
| It will continue | 75% |
| 22.) What should happen to the euro? | |
| It should stay as it is | 47% |
| The fiscally strong states should form a separate union | 47% |
| We should go back to one country, one currency | 6% |
