Bloomberg highlights “great data” from ASR’s Q3 Asset Allocation Survey
The latest survey, completed just before last week’s FOMC meeting, polled 216 asset managers, overseeing $4.3 trillion of assets. Authers notes:
“Even though most managers are on Team Transitory, there are still comfortable majorities who expect higher commodity prices and … TIPS to beat regular bonds. So this is a strange combination…”
David Bowers observes: “this is an unusual Survey, with some quite major moves in the macro assumptions leading to some surprisingly minor moves in investor preferences and asset allocation”.
Authers concludes: “Putting everything through the ASR algorithm, we discover that belief in inflation is still the critical dividing line between bulls and bears. Those who think that inflation is more than transitory are far more likely to think that a 20% drawdown for the S&P 500 lies ahead, while those on Team Transitory are much more confident about stocks.”
To read the full column, see HERE ( Bloomberg subscription may be required)
Clients can access ASR’s Q3 Asset Allocation Survey HERE
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