Tuesday, 15 December 2015

The same sentiment on sentiment

Ahead of all the (remaining) 2016 strategic preview notes the latest Fund Manager Survey data from BAML appears...to be a bit same old, same old (sentiment).

Yes, the euro and the emerging markets are hated...


...the US dollar crowded trade is correctly feared...


...cash balances are pretty firm...


...China feared versus everything else (topping though I believe)...


My own updated FY16 views will be out before the end of the year but strategically it feels a time to be contrarian with many of the sentiment consensus trades.  The fact they are currently sustained consensus trades does not change my view.

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