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BofAML investors geared up for stronger growth and inflation, but still reluctant to slash cash
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    <strong>Artículo publicado en <a href="http://www.lacartadelbolsa.com">La Carta de la Bolsa</a> el Martes, 17 de Enero en la sección: Articulos</strong>
    <h3 class="titulo_articulo">BofAML investors geared up for stronger growth and inflation, but still reluctant to slash cash</h3>
    Redacción
    <p><img alt="" class="ilustraciones" src="http://lacartadelabolsa.com/images/ilustraciones/mererril.png" style="border-style:solid; border-width:1px; height:100px; width:140px" />Highlights include: · Investor expectations of global growth improve to 2-year highs (net 62% from net 57% in December), while global inflation expectations remain elevated, with the fifth highest reading on record (net 83% from net 84% last month) · The percentage of investors expecting “above-trend” growth and inflation is at a 5.5-year high (17% from 12% in December) · Investors continue to identify Long USD as the most crowded trade (47%), while the highest percentage since April 2003 thinks that the Euro is undervalued (net 13%)</p>

<p>·         Big jump in percentage of investors expecting corporate earnings to rise 10% or more in the next 12 months (improved to net -22% from net -47% last month), the most bullish reading since June ‘14</p>

<p>·         However, cash levels rose to 5.1% from 4.8% in December, well above the 10-year average of 4.5%</p>

<p>·         The three most commonly cited tail risks are trade war/protectionism (29%), US policy error (24%), China FX devaluation (15%)</p>

<p>·         In January, investors said they were buying Eurozone, tech, equities and REITs, while selling industrials, EM equities and commodities</p>

<p>·         Allocations to Eurozone equities rose sharply to net 17% overweight from net 1% underweight last month</p>

<p>·         Allocation to Japanese equities remains unchanged from December at net 21% overweight, but optimism has room to grow</p>

<p> </p>

<p>“Ahead of the US presidential inauguration, investors are positioned for stronger growth and inflation, but are not willing to turn fully bullish with China-related risks on the horizon,” said <strong>Michael Hartnett</strong>, chief investment strategist.</p>

<p><strong>Manish Kabra</strong>, European equity quantitative strategist, added that, “Fund managers have returned to Europe amid improvement in the macro outlook, but UK remains the most underweighted region.”</p>

<p> “USD/JPY and Japanese stocks have been bought as inflation assets,” noted <strong>Shusuke Yamada</strong>, chief Japan FX/equity strategist. “Whether the post-election market trend reaccelerates or unwinds, these two asset classes are likely to be among the most impacted.”</p>

<p><em>Note: BofAML's January Global Fund Manager Survey was conducted Jan. 6-12; 215 investors with $547bn AUM participated.</em></p>
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			<a href="http://rsch.baml.com/r?q=j-bogf9ZcESTazNHz0cmnw&e=presthaya.fixter%40baml.com&h=0yOxMg" target="_new"><img alt="HtmlReportIcon.png" id="<413102787>" src="cid:413102787" /></a> <a href="http://rsch.baml.com/r?q=j-bogf9ZcESTazNHz0cmnw&e=presthaya.fixter%40baml.com&h=0yOxMg" target="_new">Global Fund Manager Survey: The Full Trump effect</a></p>

			<p><br />
			•   Pre-inauguration FMS shows investors positioning for stronger growth/inflation; but few willing to turn max bull & slash cash<br />
			•   Cash @ 5.1% is UP from 4.8% in Dec, above 10-yr avg (4.5%). No "sell" signal for risk. Q1 wobble but no big correction<br />
			•   Post-inauguration contrarians: long staples, EM, UK, EUR, commodities, large-cap growth; short USD, banks, small-cap value</p>
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			<p><a href="x-webdoc://7EA9C580-7FF7-4D55-8975-059854ADA6D1#document-heading"><img alt="up-arrow.gif" id="<1037066477>" src="cid:1037066477" />Back to top</a></p>
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			<a href="http://rsch.baml.com/r?q=jq6rv53ZWTyTazNHz0cmnw&e=presthaya.fixter%40baml.com&h=SRYGfQ" target="_new"><img alt="HtmlReportIcon.png" id="<413102787>" src="cid:413102787" /></a> <a href="http://rsch.baml.com/r?q=jq6rv53ZWTyTazNHz0cmnw&e=presthaya.fixter%40baml.com&h=SRYGfQ" target="_new">European Fund Manager Survey: Europe back in vogue</a></p>

			<p><br />
			•   Global allocators return to Europe amid improvement in macro outlook and perception of an undervalued Euro<br />
			•   Investors remain positive on pro-cyclical sectors: most overweight sectors are Tech, Industrials and Insurance<br />
			•   Tactical contrarian trades this month are long Utilities/short Tech and Industrials, long UK stocks/short German stocks</p>
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			<p><a href="x-webdoc://7EA9C580-7FF7-4D55-8975-059854ADA6D1#document-heading"><img alt="up-arrow.gif" id="<1037066477>" src="cid:1037066477" />Back to top</a></p>
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			<p><br />
			<a href="http://rsch.baml.com/r?q=Np85rnXYateTazNHz0cmnw&e=presthaya.fixter%40baml.com&h=u6M2Gw" target="_new"><img alt="HtmlReportIcon.png" id="<413102787>" src="cid:413102787" /></a> <a href="http://rsch.baml.com/r?q=Np85rnXYateTazNHz0cmnw&e=presthaya.fixter%40baml.com&h=u6M2Gw" target="_new">Japan Strategy Fund Manager Survey: Japanese stocks overweighted, but optimism has room to grow</a></p>

			<p><br />
			•   Investors continue to be bullish and OW Japanese stocks but optimism has room to grow.<br />
			•   Cyclicals are still favored, but a shift into domestic-demand stocks can be seen this month, in line with our view.<br />
			•   USD/JPY and Japan stocks as inflation assets rose after US election. 2017 to be volatile due to two-way risks.</p>
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