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Domestic equities entice fundies
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The underlying strength of the Australian economy will see local fund managers favouring domestic equities next year, according to an analysis issued by Russell Investments.
The analysis, based on a survey of 44 Australian fund managers, has revealed that 73 per cent are bullish about the outlook for domestic equities — with 54 per cent believing the domestic market will grow by over 10 per cent.
According to Russell, the survey shows that fund managers believe the local share market is fairly priced.
Commenting on the survey outcome, Russell Investments associate portfolio manager Scott Bennett said the bullish sentiment was reflective of the relatively strong Australian economy.
He said managers appeared unmoved by the recent stall in Australian share performance, with longer-term expectations being firmly focused on the positive prospects for the market and its fundamental resilience.
“Most managers are showing a strong preference for local shares, with international shares strong as well,” Bennet said.
AUTHOR
Mike Taylor
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