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Tuesday, Jul 16
Sentiment towards China (FXI, CAF) continues to worsen, according to the BAML Fund Manager...
Sentiment towards China (FXI, CAF) continues to worsen, according to the BAML Fund Manager Survey, with 65% seeing the country's economy weakening in the next year. In December 2012, the same percentage saw things getting better. Meanwhile, the appetite for developed-market equities (VTI) continues to grow, with those overweight stocks up 9 points in 2 months to 52%. 83% favor the dollar (UUP) over other currencies, the highest in the history of the survey. 55% are now underweight fixed income (AGG, BND), and average cash holdings are up to 4.6%, the highest in a year. "The Great Rotation is in full force," says Michael Hartnett.