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Friday, 25 September 2009


Nine out of 10 fund managers polled in HSBC’s quarterly Fund Managers Survey are holding a positive view on Asia-Pacific ex-Japan equities in 3Q2009, up from 45% in 2Q09. Overall, the fund managers are more optimistic about equities as an investment class; 50% are overweight in 3Q2009 from 30% in 2Q2009. Seventy-five per cent of fund managers remain bullish about Greater China equities (versus 75% in 2Q2009), while 73% of fund managers hold a positive view on emerging markets equities, up from 27% in 2Q2009. The fund managers’ now view bonds as neutral (70%) in 3Q2009, with only 30% of them being bullish on the sector.

The quarterly HSBC survey analysed 13 of the world’s leading fund-management houses by their funds under management (FUM), their asset allocation views and their global money flows. The net money flow estimates are derived from movements in FUM versus index movements in the equivalent class. At the end of the 2Q2009, the fund houses covered in the survey reported an aggregated FUM of US$3.1 trillion, representing about 15.2% of the estimated total global FUM.

The survey shows that at the end of 2Q2009, FUM increased by US$315 billion, up 11.4% from 1Q2009. Equity funds, which decreased by US$85 billion in the previous quarter, posted an increase of US$206 billion in 2Q2009, contributing the most to the overall FUM growth in the quarter. All other funds, except for money market funds, saw an increase in 2Q2009.

Emerging markets equities, Asia-Pacific ex-Japan equities and Greater China equities posted inflows in 2Q2009, showing renewed confidence in the region’s recovery and growth prospects. Investors’ risk appetite for developed markets declined, resulting in outflows in North American and European (including UK) equities.

Lim Eng Seong, general manager, personal financial services, HSBC Bank Malaysia Bhd, said: “In 2Q2009, investors appeared to gain more confidence, as evidenced by increased inflows and a return to equity funds with a bias towards Asia-Pacific ex-Japan, emerging markets and Greater China. However, in the context of uncertain long-term growth prospects in the global economy and volatile equity markets, investors continued to preserve capital by keeping a portion of their assets in bonds and investing in a diversified portfolio.”







Source: The EDGE (http://www.theedgemalaysia.com)

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