THE
This is up from the second worst last month, when managers favoured real estate investment trusts slightly over the
Now, a net 14 per cent of global investors say they are underweight
Real estate suffered especially badly this month, with their largest underweight since
Global investors have been consistently negative on the
Looking worldwide, this was actually the most bullish
Eight in 10 of those surveyed expected interest rate cuts in the second half of this year with no recession, with cash levels down to just four per cent, a three-year low, while stock allocation was its highest since
78 per cent of those surveyed expect the
However, this month did see the first drop in global growth expectations since
41 per cent of managers identified higher inflation as the top risk for investors, followed by geopolitics at 18 per cent and a 'hard landing' at 14 per cent.
The Magnificent Seven also continued to be viewed as the most 'crowded trade' by managers, with 51 per cent selecting 'long Magnificent Seven', compared to 12 per cent for 'long US dollar'.
(c) 2024 City A.M., source