Swapping bonds for absolute return
When it comes to bonds, the mood is entirely different. Just 10% of delegates believe QE will give fixed income markets another boost. Consequently, most plan to further decrease their allocation developed market government bonds. In the first 10 months of the year, Spanish investors have already pulled out a net €3.8bn from bond funds, according to the Spanish fund management association Inverco. A record 68% of Barcelona-based investors plan to do continue selling, the highest percentage in Europe.
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Instead, they are looking to aggressively increase their allocation to absolute return, something which they have been doing for a while already. Spain’s investors are Europe’s biggest fans of absolute return funds, having added a record €4.3bn to their holdings so far this year. And some eight in ten delegates at Expert Investor Barcelona plan to buy even more. Both long/short equities and bonds are very popular, as well as multi-strategy funds.
Click here to see a full overview of the event’s voting results.
And here you can find a slideshow of photos taken at Expert Investor Barcelona.
