The problem of managers “dressing up” track records of their funds has been getting worse, not better. This is the conclusion of asset management consultancy Cerulli after talking to a bunch of fund consultants in Europe.
The majority of fund management companies polled this month for Expert Investor’s Fund Manager Sentiment Survey expect US equities to generate negative returns in excess of -5% in dollar terms.
Global asset managers have favoured European equities over their UK counterparts since autumn 2014, according to Expert Investor fund manager sentiment data. The advent of the Brexit referendum only seems to widen the gap.
Investors are turning more cautious in the face of the turmoil in the financial markets this year, according to the latest Bank of America Merrill Lynch (BAML) Fund Manager Survey, with average cash balances up at their highest weighting since November 2001.
The bears have gone back into hibernation, and European equities will return in excess of 5% in the remainder of the year. That’s the almost unanimous opinion of international asset managers.
JP Morgan Asset Management’s head of European funds Massimo Greco shares his insights on fees, Mifid II and the importance of stability in Europe.
As the year draws to a close, it’s time to scrutinise the forecasting capabilities of asset managers and fund selectors. Did their favourite asset classes at the end of last year indeed deliver the best performance, or did asset allocators fail hopelessly? In the first part of a two-piece series, we look at their equity…
Government bonds are headed for negative returns in 2016, international asset managers believe. Their outlook for the next 12 months is at its most negative since April 2013.
Fund manager sentiment towards US equities had been negative for much of this year, with most asset management companies expecting a negative return over the next 12 months. But their outlook has brightened in October. Fund selectors have also started to be more constructive about the asset class.
Emerging markets remain low down on wealth managers’ list of things to buy. But, judging by the news flow this week, they are now quite as low down as they once were and, for some, they are beginning to move much higher.
Return expectations from US equities among asset management companies are at a post-financial crisis low. EM equities may look cheap after last week’s correction, but asset managers have their reasons to stay sceptical.
Fund manager sentiment on emerging markets and energy stocks has hit a new low, according to Bank of America Merrill Lynch’s August Fund Manager Survey.
