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Investment Managers Survey
Over the period, portfolio activity was much more subdued than we had seen over recent quarters. Out of 40 managers who responded to our survey, 13 increased or substantially increased weighting to equity; this was against six who decided to reduce exposure. We saw a slight shift into value with managers seeking more balance in their portfolios where growth stocks have been a persistent theme for a while. Also, managers tended to reduce fixed income holdings both in government and corporates and reduce duration, although the trend was by no means universal. In the search for yield, managers have also been increasing weights to fixed income alternatives; in our poll, managers cited listed infrastructure, high income and EM stocks as offering the best opportunities for investors looking for yield in 2021 / 22.
Overall, sentiment cooled slightly from last quarter, with most managers reporting that they believed the economic outlook remained broadly neutral.