Interviewees agreed the main driver of Japanese equities at the moment is central bank policies. While some are sceptical whether Abenomics will yield any tenable results, others feel the prospect of even more QE makes Japanese equities an attractive proposition. Like in the rest of Europe, most fund buyers are keeping their allocations unchanged as they don’t really know what to make of it. The number of bulls is still significantly higher than elsewhere though.
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Keeping cool about EM
Investors in Switzerland tend to be underweight emerging markets, since they predominantly have conservative clients. Consequently, they are less affected by the turmoil there and plan to keep their relatively modest allocations unchanged. For US equities, it’s another story: the asset class hasn’t figured in SFAMA’s fund flows top-10 for a while, and sentiment is pretty much unchanged compared to a year ago: sellers outnumber buyers by quite a margin.
