25 Nov 2019
As 2019 draws to a close, we are strikingly neutral across asset classes and with considerably less appetite for risk than at the start of the year. Various market positioning and flow measures suggest we are in good company: notwithstanding punchy headline year-to-date returns from several markets, the investor community in toto is cautiously positioned and on many measures has turned increasingly so over the course of the year. In just the past fortnight, company earnings beats have been handsomely rewarded, with misses only gently punished, if at all. Folk are nervous about being caught too optimistic, or too pessimistic. So what would we look to today, to turn less neutral?
MAYA BHANDARI Portfolio Manager, Multi-asset
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