樂觀情緒推動投資者從債券轉投股票
一項備受關注的對基金經理進行的調查顯示，投資者對全球股市的樂觀情緒正推動資金從債券流向股票，尤其是周期性板塊的股票。
With many equity markets registering all-time and cyclical peaks already this year, optimism over stronger economic growth and expectations of rising inflation has in recent weeks pushed up bond yields.
許多股市今年已經達到歷史或周期高點，與此同時對更強勁經濟增長的樂觀情緒以及對通脹上揚的預期在近幾周推高了債券收益率。
Bank of America Merrill Lynch on Tuesday, in its latest monthly summary of market positioning, noted that allocation to equities has climbed to a two-year high, while money devoted to bonds has fallen to a four-year low. “Investors are the most overweight equities relative to government bonds since August 2014,’’ said the bank.
周二，美銀美林(Bank of America Merrill Lynch)在其最新月度市場頭寸總結中指出，對股票的配置已攀升至兩年高點，而投入債券的資金跌至四年低點。該行表示：“相對于政府債券，現在是投資者自2014年8月以來持有股票最多的時候。”
Investors’ near-term expectations for stocks are strongly positive. The net proportion of fund managers saying they had taken out protection against a sharp fall in equities in the next three months has eased to its lowest level since 2013.
投資者對股市的短期預期非常積極。已采取措施防范未來3個月股市暴跌的基金經理的凈比例，已降至2013年以來的最低水平。
The majority of investors now do not expect equity markets to peak until 2019 or later, a notable recent extension of their timescale forecasts; last month the majority of those surveyed by BofA said they anticipated the top to come in the second quarter of this year.
如今，多數投資者都預計股市將在2019年或之后才會見頂，這說明他們最近延伸了對牛市持續(xù)時間的預測;上月，美銀美林調查的大多數受訪者表示，他們預計股市最高點將于今年第二季度到來。
“Investors continue to favour equities,” said Michael Hartnett, BofA’s chief investment strategist. “By the end of Q1, we expect peak positioning to combine with peak profits and policy to create a spike in volatility.”
“投資者繼續(xù)青睞股票，”美銀美林首席投資策略師邁克爾•哈特尼特(Michael Hartnett)表示，“到第一季度結束時，我們預計峰值頭寸將與峰值利潤和政策相結合，導致波動性飆升。”
Global investors said they preferred the eurozone, emerging markets and Japan as overweight regions in their portfolios. The UK continued to be deeply out of consensus, falling once more to a record low since 2001, said BofA.
全球投資者表示，他們青睞歐元區(qū)、新興市場和日本作為投資組合中的高配地區(qū)。美銀表示，基金經理對英國仍不能形成共識，對英國股票的配置跌至2001年以來的新低。
Amid this optimism about global stocks, investors’ expectations for corporate performance are also rising. The net share of investors saying global corporate earnings will rise 10 per cent or more over the next year comes in at the highest level since 2011, and 57 per cent of investors would like to see companies increase their capital spending.
在這波對全球股市的樂觀情緒中，投資者對公司業(yè)績的預期也在上升。預計未來一年全球企業(yè)利潤將增長10%或更多的投資者的凈比例，達到了2011年以來的最高水平，而57%的投資者希望看到企業(yè)增加資本支出。
Investors are buying into tech, industrials and emerging markets, and shifting out of defensive stocks such as telecoms and utilities, BofA found. Selling volatility has become the most crowded trade for the first time, eclipsing owning leading US and China tech stocks — known as FAANGs and BATs — and holding bitcoin.
美銀美林發(fā)現，投資者正買入科技、工業(yè)板塊和新興市場，撤出電信和公用事業(yè)等防御型股票。出售波動性首次成為最擁擠的交易，超過了持有美國和中國的主要科技股——分別為FAANG和BAT——以及持有比特幣。
Inflation and a crash in global bond markets topped investors’ list of tail risks; the second most popular risk scenario was a policy mistake by the Federal Reserve or European Central Bank.
通脹及全球債券市場崩盤高居投資者尾部風險清單之首，排在第二位的風險場景是美聯儲(Fed)或歐洲央行(ECB)政策失誤。
Average cash balances are at 4.4 per cent, slightly below the 10-year average of 4.5 per cent and well above BofA’s 3.5 per cent “sell” signal.
平均現金余額為4.4%，略低于4.5%的十年平均水平，遠高于美銀美林3.5%的“賣出”信號。
Two-thirds of the 183 respondents to BofA’s survey were global investors, with the remaining third being regional specialists. Two-thirds were institutional funds, and in total they manage $526bn of assets. Their weighted average investment time horizon was 7.8 months, a measure that has been slightly lengthening in recent months.
美銀美林調查的183位受訪者中，三分之二是全球投資者，其余三分之一是地區(qū)專家。三分之二是機構基金，總共管理5260億美元的資產。其加權平均投資期為7.8個月，這個數字在最近幾個月略有延長。
