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Investment Managers Survey
Based on the responses from 40 MPI contributing investment managers who participated in this quarter’s survey, nearly half said that they had actively increased their weighting to equities at the expense of government and corporate bonds, whereas only one in ten told us that they had reduced equities. Within equities, we saw a slight trend amongst managers towards holding more cyclical stocks. Several managers also reported reducing their holding in gold over the period.
Looking ahead, most managers felt that increased inflation expectations and yields posed the greatest threat to client portfolios over the next few months, with concerns over new COVID restrictions second and US/China trade tensions as third. Whilst most managers felt that post BREXIT trade difficulties would affect client portfolios, the impact is expected to be muted.
Overall, the mood was slightly more positive than last quarter, with around half of managers indicating that they were more or much more optimistic about the economic outlook than the previous quarter.