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developed market bias strengthened in june

According to the Expert Investor Europe Manager Sentiment Survey for July, participants are neutral on EM stocks for the first time since the peak of the banking crisis in early 2009.

This continues a downward trend in expectations for the region this year – which has seen our EM reading fall from an all-time survey high of 79 – but nevertheless marks a sharp deterioration in sentiment compared with June, when managers remained strongly bullish (see chart).true

In contrast, expectations for developed world stocks have improved markedly during 2013, our survey shows, and fund managers are bullish on Europe, Japan and US equities.

Sentiment on all three regions increased further last month but expectations remain highest for Japan. This reflects positive sentiment on the country’s radical stimulus programme, which triggered a strong stock market rally this year.

The Expert Investor Europe Manager Sentiment Survey is based on data gathered monthly by Skandia from fund groups operating in Europe. Participants in July were: Allianz Global Investors, Axa Framlington, BlackRock, F&C, Fidelity, GLG, Henderson, HSBC, Ignis, Investec, JP Morgan, Kames Capital, M&G, Newton, Old Mutual Global Investors, Pictet, Schroders and SWIP.

Platinum members can view full results from the latest survey here.

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Part of the Mark Allen Group.