{"id":65594,"date":"2017-09-14T00:30:00","date_gmt":"2017-09-13T22:30:00","guid":{"rendered":"http:\/\/beta.next-finance.net\/news\/bofa-merrill-lynch-september-fund-manager-survey-finds-global-risk-appetite-has-room-to-grow\/"},"modified":"2017-09-14T00:30:00","modified_gmt":"2017-09-13T22:30:00","slug":"bofa-merrill-lynch-september-fund-manager-survey-finds-global-risk-appetite-has-room-to-grow","status":"publish","type":"post","link":"http:\/\/beta.next-finance.net\/en\/news\/bofa-merrill-lynch-september-fund-manager-survey-finds-global-risk-appetite-has-room-to-grow\/","title":{"rendered":"BofA Merrill Lynch September Fund Manager Survey finds global risk appetite has room to grow"},"content":{"rendered":"<ul>\n<li> The share of investors taking out protection against a correction in equity markets saw the largest monthly increase in 14 months<\/li>\n<li> Optimism over global growth continues to sag with just 25% of investors expecting a stronger economy in the next 12 months, as compared to 62% at the beginning of the year.<\/li>\n<li> Over half of investors surveyed (54%) cite volatility as the most undervalued asset, followed by sterling (15%) and oil (10%)<\/li>\n<li> Long Bitcoin is now considered the most crowded trade, at 26%; long Nasdaq falls to the second spot (22%), followed by short USD (21%)<\/li>\n<li> Net 23% of investors think the USD is undervalued, the highest level since December 2014, while net 81% of investors say the bond market is overvalued, the highest level in almost a year<\/li>\n<li> Investors point to geopolitical risk, with 34% of those surveyed indicating the biggest tail risk to markets is North Korea; policy mistake by the Fed\/ECB (21%) and Chinese credit tightening (15%) round out the top three<\/li>\n<li> Net 54% of investors surveyed would be most surprised to see a recession in the next 6 months; net 30% would find an equity bubble to be the least surprising event<\/li>\n<li> Allocation to U.S. stocks falls to net 28% underweight; the last time the underweight in U.S. equities was larger was in November 2007<\/li>\n<li> Allocation to Emerging Markets equities rises to net 47% overweight; investors have not been this underweight the U.S. relative to EM since December 2007<\/li>\n<\/ul>\n<p><em>\u201cCash levels remain elevated, suggesting markets can remain in an Icarus upside mode for risk assets,\u201d<\/em> said Michael Hartnett, chief investment strategist. <em>\u201cInvestors have shunned mean reversion and cut their expectations for much higher bond yields.\u201d<\/em><\/p>\n<p>Ronan Carr, European equity strategist, added that, <em>\u201coverall sentiment on the Eurozone is becoming less euphoric, with headwinds from a strong Euro and investors\u2019 EPS expectations showing less momentum.\u201d<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>According to BofA Merrill Lynch Global Research, average cash balance continues to be a key element preventing a sell signal, dipping to 4.8% in September but still above the past 10-year average of 4.5%<\/p>\n","protected":false},"author":20,"featured_media":65592,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1470],"tags":[1655,1671,1651,1437,1999,2103,2091],"_links":{"self":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/posts\/65594"}],"collection":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/users\/20"}],"replies":[{"embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/comments?post=65594"}],"version-history":[{"count":0,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/posts\/65594\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/media\/65592"}],"wp:attachment":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/media?parent=65594"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/categories?post=65594"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/tags?post=65594"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}