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Fund Managers Bullish On Equities According To HSBC
A new survey by global banking giant HSBC suggests that fund managers are more bullish on equities today, than they were three months ago, and are maintaining their holdings of Australian equities steady.
The HSBC survey says that a large proportion of fund managers (nearly 75 per cent) are optimistic about Chinese equities, up 16 per cent from the final quarter of 2009.
13 global fund managers were polled and nearly half of them have increased their exposure to US equities to 50 per cent overweight, compared with just 22 per cent in the final quarter of 2009.
The fund managers that were polled expressed little change in sentiment toward Asia Pacific equities including Australia, with 70 per cent of managers maintaining an overweight position.
The growth in funds under management (FUM) declined in the fourth quarter 2009 as equity markets lost some of their froth following a remarkable recovery in valuations that begun to occur in March that year.
Asia Pacific equities grew by 9.9 per cent during the quarter ending December 31st 2009, having leapt by 30.7 per cent in the previous quarter.
Chinese equities were the only stocks that defied the trend having grown 12.8 per cent in the final quarter, compared with 9.5 per cent in the preceding quarter.
Global equity markets have made a stunning recovery however, with the ASX 200 having risen from 4500 in January to 4850 on Friday.
Illustrating the growing shift in power, the Asia Pacific region has now overtaken Europe as the second largest region for equity funds behind the US, according to the survey.
Fund managers in the survey included BlackRock, JP Morgan Asset Management, Schroders Investment Management and Societe Generale.
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