sentiment survey 2013 q4 munich

23 October 2013

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Table 1 shows the responses of investors at Expert Investor Deutschland.

Table 2 shows sentiment data gathered via fund selector interviews and online surveys, shortly before the event.

Table 1: Event voting

1.) For European equities, do you prefer:
Small-cap	25%
Large cap	31%
No preference	44%

2.) For European equities, do you prefer:
Growth	14%
Value	43%
No preference	43%

3.) For European equities, do you prefer:
Active	75%
Passive	6%
No preference	19%

4.) For European equities, do you prefer:
Long-only	69%
Long-short	19%
No preference	13%

5.) For US equities, do you prefer:
Small-cap	20%
Large cap	47%
No preference	33%

6.) For US equities, do you prefer:
Growth	23%
Value	62%
No preference	15%

7.) For US equities, do you prefer:
Active	73%
Passive	13%
No preference	13%

8.) For US equities, do you prefer:
Long-only	50%
Long-short	38%
No preference	13%

9. Is behavioural finance part of your investment process?
Yes	75%
No	25%

10.) In how many of the past 10 years did equities outperform bonds?
4 years	65%
6 years	29%
8 years	6%

11.) Re Chinese equities, over the next 12 months do you expect to:
Increase your weighting	33%
Keep it the same / uncertain	50%
Decrease your weighting	0%
We don’t use this asset class	17%

12.) Re commodities, over the next 12 months do you expect to:
Increase your weighting	36%
Keep it the same / uncertain	14%
Decrease your weighting	36%
We don’t use this asset class	14%

13.) For EM equities, do you prefer:
Small-cap	18%
Large cap	64%
No preference	18%

14.) For EM equities, do you prefer:
Growth	8%
Value	46%
No preference	46%

15.) For EM equities, do you prefer:
Active	92%
Passive	0%
No preference	8%

16.) For EM equities, do you prefer:
Long-only	69%
Long-short	23%
No preference	8%

17.) Re Japanese equities, over the next 12 months do you expect to:
Increase your weighting	21%
Keep it the same / uncertain	36%
Decrease your weighting	0%
We don’t use this asset class	43%

18.) For fixed income do you prefer:
Traditional	20%
Multi-asset	67%
Hedge	13%
No preference	0%

19.) Re convertible bonds, over the next 12 months do you expect to:
Increase your weighting	15%
Keep it the same / uncertain	54%
Decrease your weighting	0%
We don’t use this asset class	31%

20.) Are you familiar with catastrophe bonds?
Yes	58%
No	42%

21.) Would you make a significant investment in catastrophe bonds?
Yes	25%
No	75%

22.) Re catastrophe bonds, over the next 12 months do you expect to:
Increase your weighting	23%
Keep it the same / uncertain	15%
Decrease your weighting	0%
We don’t use this asset class	62%

23.) Which is the greater threat?
Inflation	27%
Deflation	73%

24.) Re the gold price, are you a:
Bull	23%
Undecided/Neither	15%
Bear	62%

25.) What will be the fate of the euro?
It will not exist in 2 years	0%
It will not exist in 10 years	8%
It will continue	92%

26.) What should happen to the euro?
It should stay as it is	62%
The fiscally strong states should form a separate union	23%
We should go back to one country, one currency	15%

Table 2: Pre-event sentiment

1.) Re global emerging market equities, over the next 12 months do you expect to:
Increase your weighting	47%
Keep it the same / uncertain	43%
Decrease your weighting	7%
We don’t use this asset class	3%

2.) Re developed European equities, over the next 12 months do you expect to:
Increase your weighting	43%
Keep it the same / uncertain	53%
Decrease your weighting	3%
We don’t use this asset class	0%

3.) Re UK equities, over the next 12 months do you expect to:
Increase your weighting	7%
Keep it the same / uncertain	33%
Decrease your weighting	13%
We don’t use this asset class	47%

4.) Re US equities, over the next 12 months do you expect to:
Increase your weighting	23%
Keep it the same / uncertain	40%
Decrease your weighting	27%
We don’t use this asset class	10%

5.) Re Asian equities, over the next 12 months do you expect to:
Increase your weighting	47%
Keep it the same / uncertain	40%
Decrease your weighting	3%
We don’t use this asset class	10%

6.) Re Japanese equities, over the next 12 months do you expect to:
Increase your weighting	10%
Keep it the same / uncertain	33%
Decrease your weighting	13%
We don’t use this asset class	43%

7.) Re developed market government bonds, over the next 12 months do you expect to:
Increase your weighting	11%
Keep it the same / uncertain	44%
Decrease your weighting	26%
We don’t use this asset class	19%

8.) Re developed market corporate bonds, over the next 12 months do you expect to:
Increase your weighting	41%
Keep it the same / uncertain	26%
Decrease your weighting	22%
We don’t use this asset class	11%

9.) Re high yield bonds, over the next 12 months do you expect to:
Increase your weighting	30%
Keep it the same / uncertain	44%
Decrease your weighting	15%
We don’t use this asset class	11%

10.) Re emerging market government bonds, over the next 12 months do you expect to:
Increase your weighting	26%
Keep it the same / uncertain	48%
Decrease your weighting	15%
We don’t use this asset class	11%

11.) Re emerging market corporate bonds, over the next 12 months do you expect to:
Increase your weighting	41%
Keep it the same / uncertain	44%
Decrease your weighting	7%
We don’t use this asset class	7%

12.) What is your broad macroeconomic outlook?
Positive	60%
Uncertain	37%
Negative	3%

13.) Re absolute return strategies, over the next 12 months do you expect to:
Increase your weighting	56%
Keep it the same / uncertain	41%
Decrease your weighting	0%
We don’t use this asset class	4%