G20 podium
Team Blitz India
NEW DELHI: Japan and India are the most favoured markets in the Asia Pacific region, reveals the fund manager survey (FMS) conducted by Bank of America (BofA).
“Japan (net 45 per cent overweight) cements its place at the top of the preference stack, followed by India (25 per cent), while Thailand (net 13 per cent underweight), China, and Australia (net 9 per cent underweight, each) remain unloved,” said BofA equity strategist led by Ritesh Samadhiya, in a note.
The net overweight figure is the per cent of fund managers saying overweight minus the per cent saying underweight.
The global FMS also showed while investors remained cautious on macro, they have turned bullish on interest rates. Many said the investor playbook for 2024 revolves around soft landing, lower rates, weaker US dollar, and large cap technology stocks. Many said they would average China and then leverage.
FMS showed investors have cut cash from 5.3 per cent to 4.7 per cent, lowest in two years. Also, the survey also showed fund managers moved to the biggest bond overweight since March 2009.
The latest survey showed global central banks may be past their peak hawkishness but the overhang of synchronised monetary tightening is still very much in action.
