The Italians are the only European fund selectors taking a more positive stance towards EM credit than half a year ago. Still, a far larger share of interviewees doesn’t yet feel attracted to the asset class again. Back in May last year only 21% planned to reduce their weighting of EM corporates or did not use the asset class while 61% planned to increase their holdings.
In limbo about US equities
When it comes to European equities, Italy’s fund selectors’ sentiment clearly stays on the positive side. But they seem to be indecisive about their positions in US equity funds. Two thirds of respondents say they are keeping their holdings unchanged, signalling they are unsure about what to expect from the US stock markets for the months to come.
Platinum members can see the latest Italian data here.