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AUSTRALIAN FUND MANAGERS BULLISH ON CASH.
SYDNEY, Oct 2 Asia Pulse - Australian fund managers are expressing greater appetite for cash and defensive assets amid a subdued outlook for the domestic economy.
The September 2006 Russell Investment Manager Outlook (IMO) survey found that 35 per cent of managers are now bullish on cash compared to 25 per cent in June and just 18 per cent in March.
According to Russell Investment strategist Andrew Pease, the increased attractiveness of cash is partly due to the 0.5 per cent increase in yield resulting from two Reserve Bank of Australia rate hikes this year.
"But it may also reflect high levels of uncertainty about the direction of asset class returns - illustrated by the unusual combination of upgraded views on equities, bonds and cash," he said.
Managers expressed their least bearish attitudes towards the bond markets since the IMO began in June 2005.
"The majority of managers are now neutral or bullish on bonds, a major change from the prevailing bearish majority of the last five surveys," Mr Pease said.
However, Mr Pease said that while 57 per cent of Australian fund managers predict slower ...
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Source: HighBeam Research, AUSTRALIAN FUND MANAGERS BULLISH ON CASH.