Global investors have shifted their attention from Greece to China amid continued concern of a Chinese recession, according to the BofA Merrill Lynch Fund Manager Survey for August.
Respondents are scaling back their expectations for economic growth.
“Investors are sending a clear message that they are positioned for lower growth in China and emerging markets,” says Michael Hartnett (pictured), chief investment strategist at BofA Merrill Lynch Global Research.
“European stocks remain in favour – but investors like domestically focused names and are avoiding anything exposed to China or commodities,” says James Barty, head of European equity strategy.
An overall total of 202 panelists with USD574 billion of assets under management participated in the survey from 7 August to 13 August 2015. A total of 162 managers, managing USD449 billion, participated in the global survey. A total of 100 managers, managing USD224 billion, participated in the regional surveys. The survey was conducted by BofA Merrill Lynch Global Research with the help of market research company TNS. Through its international network in more than 50 countries, TNS provides market information services in over 80 countries to national and multi-national organisations. It is ranked as the fourth-largest market information group in the world.