Monday, September 20, 2010

JPMorgan’s Nikolaos Panigirtzoglou, “real money investors remain cautious”

images (2)Equity Flows – according to JPMorgan’s E Beinstein, there were strong inflows into all risky asset classes for the week ending Sept 15th.  Equity funds had inflows of $7.9bn which follows strong inflows of $6.2bn the week before. Prior to these past two weeks equity funds had outflows for 4 weeks totaling $19.2bn, so there has been a significant change in this trend recently.  According to JPMorgan’s Nikolaos Panigirtzoglou, “real money investors remain  ” – “According to the latest Merrill Lynch fund manager survey, real money investors’ equity positions have stabilised at close to August levels. The net balance of global asset allocators who are overweight equities was 10% in early September vs 12% in August and a peak of 52% in April. A level of 50% is typically seen during bull markets. So a reading of 10% suggests rather low equity exposures typically seen at the beginning of economic downturns

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