FYI: Summary: Although fund managers are less bearish than they were at the start of 2019, they are far from being bullish. They are overweight cash. Their global equity allocations are almost a standard deviation below the mean. Their bond allocations are at a 7-year high. A slight majority expect profits to contract and economic growth to fall in the next year.
This is a far cry from 2018, when fund managers came into the year with cash levels at 4-year lows and allocations to global equities at 3-year highs. Global equities ended the year 15% lower.
US and European equity allocations remain low relative to levels seen at prior market peaks. Emerging markets are the consensus long. The US dollar is considered the most overvalued in 16 years, a possible tailwind for US multi-nationals and ex-US equities.
Regards,
Ted
http://fat-pitch.blogspot.com/2019/05/fund-managers-current-asset-allocation.html
