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Managers bullish on international equities
Overseas equity markets are likely to provide the best growth opportunities for Australian investors, according to the latest research conducted by Russell Investment Group.
Russell’s Investment Manager Outlook survey, released in late March, found a record 80 per cent of local investment managers now favoured global stocks over every other asset class, something that prompted Russell’s chief investment officer for the Asia Pacific to seriously question the future for domestic equities.
Gunning said the Australian equity market’s three-year run had “deposited local investors some where between euphoria and anxiety in the cycle of market emotions”.
But Gunning said this was the equivalent of a place successful investors recognised as the point of maximum financial risk.
“Investors face an interesting situation where fund managers both here and in the US are strongly backing international markets, including the US share market, despite the fact that many US sector returns remain stubbornly counter to the overall viewpoint of the surveyed managers,” he said.
Looking at the results of the Russell survey, Gunning said that for the third consecutive quarter, the investment management community had taken an increasingly bullish stance on the 12 month outlook for international equities, with 80 per cent now bullish on international equities, up from 67 per cent in December.
AUTHOR
Mike Taylor
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