The July Bank of America Merrill Lynch survey of global fund managers, done between 8 and 14 July, shows that Brexit did change asset allocations away from euro zone stocks to US and emerging market stocks. Fund managers were also asked the following question:
Over the next twelve months, which region would you most like to overweight/underweight?
The answer: Long emerging markets/short UK.
In addition, cash holdings have risen to 5.8%, the highest level since November 2001, plus a record proportion of investors have hedged against a sharp fall in the equity markets in the next three months.
To read the whole article, Fund manager allocations to emerging markets at 22-month high, go to the website of Livemint.
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