International portfolio managers begin with great optimism for the future of the world economy. This was facilitated by large-scale financial support from the leading regulators, as well as the easing of quarantine measures in Europe and the United States. However, due to continuing risks of the second wave of the pandemic, as well as the confrontation between the U.S. and China portfolio managers hold a high proportion of cash in portfolios.The may poll of portfolio managers, spent by analysts Bank of America (BofA), shows the improvement of investors ‘ expectations regarding the development of the world economy. The survey included 223 portfolio managers controlling assets of $661 billion, According to the survey, number of respondents, are confident that within the next 12 months, the pace of global economic growth will accelerate, 38% exceeded the number of those who are waiting for the slowdown. In April, almost all managers were waiting for the recession in the world economy.This was possible on the background of reducing the spread of infection. One of the first to lift restrictions beginning Austria, in may her example was followed by Italy, Romania, Belgium and Finland. “The increase of cases in all developed countries is under control, authorities everywhere are configured to mitigate isolation and the start of production and trade. Therefore, the portfolio managers have changed the catastrophic expectations are moderately optimistic,”— said the asset Manager “Region Esset Management” Alexey Skaballanovich. The most important role in improving sentiment played and large-scale actions by Central banks, primarily the fed and the ECB, which exceeded the support measures announced in the 2008 crisis.According to the survey, BofA, only 10% of respondents expect a quick V-shaped recovery. While 75% expect a slower U – or even W-shaped recovery. According to a leading analyst of “Alfa Capital” Daria Zhelannova, the negative impact on the mood of investors now have fears of a second wave of infection of the coronavirus, as well as the aggravation of the trade war between the US and China. “The effect of these factors can only partly be compensated by support measures from governments and Central banks,” she notes.Therefore, Fund managers continue to hold a high proportion of cash in portfolios. According to BofA, the average percentage of cache has decreased over the month from 5.9% just to 5.7%, which is significantly above the average for ten years (4.7 per cent). According to Alexei Skaballanovich, investors remain cautious and waiting for the manifestation of negative consequences of influence of the virus on the global economy. However, they gradually increase investments in risky instruments. In may, the number of managers in the portfolios of which the shares were lower than the indicative level 16% exceeded the number of those with whom he was higher. A month earlier, the pessimists were 27% more. “The U.S. market are committed to the February historical highs, which is obviously absurd, given the uncertainty caused by risks in the system at various levels”,— said the head of investment MKB Private bank Valentin Zhurba.However, among the market there are sectors that attract managers even more than defensive assets. According to the BofA survey, 60% of managers claimed to be the most promising in may buy shares of American technology companies. “They not only suffered from current events, but also largely benefited from new models of consumer behavior, primarily due to the growth in demand for products “on distance”. This will remain a trend on the rapid growth of IT companies and within the sector — leading growth software and cloud companies,” said Daria Zhelannova.Vitaly Gaydayev
