sentix ASR Essentials 17-2015


Positioning provides reassurance on Equities

The latest sentix survey suggests that investors have become uncertain on the nearterm outlook for European equity markets, with sentiment dropping back to relatively neutral levels. However, they remain relatively upbeat from a mediumterm, strategic perspective (Charts 5/6, page 3). This chimes with survey questions looking at investors’ positioning, which indicate that the level of over-investment in equities modestly increased in the past month versus its long-term average, albeit it remains down from recent highs (Chart 3, page 2). Near-term uncertainties have yet to undermine optimism on the medium-term. In comparison, investors appear much less convinced on the prospects for Bunds over the medium-term, with survey readings falling back towards 12 month lows (Chart 10, page 4).

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