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BofA Merrill Lynch Fund Manager Survey Finds Investors Increasingly Confident In U.S. Outlook

NEW YORK and LONDON, March 19, 2013 /PRNewswire/ --

Appetite for Equities Remains High Despite China Concerns

March 2013 Fund Manager Survey

Refer to important disclosures at the end of this report (URL link to reports provided below). Please note, you may quote directly from this research report solely in your reporting as a member of the media; however all quotes must be cited as having come from a  BofA Merrill Lynch Global Research report. All other copying, redistribution, retransmission, republication and any other unauthorized dissemination or use of the contents of the report or the link thereto are prohibited. If you are interested in interviewing an analyst, your request must be directed to Research Communications & Media Relations.

Fund Manager Survey Global

External link: https://research1.ml.com/C?q=P-tC9RBQtL!gAuNjEqy!Dg&e=michaela.moran%40ml.com&h=435jFg

Fund Manager Survey Europe/Other Regions

External link: https://research1.ml.com/C?q=8ySDtvaKiq-TxiS0QIYuzg&e=michaela.moran%40ml.com&h=Zdr9BA

Fund Manager Survey Global Emerging Markets

External link: https://research1.ml.com/C?q=oaQ36CMIv-kVmTBwjr4DTA&e=michaela.moran%40ml.com&h=5tZ4Ig

Increasing confidence in the outlook for the U.S. dollar and U.S. equities is offsetting investors' renewed concerns over China, according to the BofA Merrill Lynch Fund Manager Survey for March.

This month registered the highest level of dollar bullishness in the survey's history. A net 72 percent of respondents now expect the U.S. currency to appreciate over the next year, a 30-point increase in a month. Bearishness on U.S. stocks has also reversed. A net 5 percent identify the U.S. as the regional market it most wishes to overweight, compared to January's net 19 percent underweight. The U.S. also offers the best outlook of any region for corporate profits by far, investors believe.

Against this background, investors remain positive on the global economy's recovery and continue to increase exposure to equity markets. A net 61 percent expects macroeconomic performance around the world to strengthen over the next year, a slight increase on last month's reading. A net 57 percent of asset allocators are now overweight equities, up from a net 51 percent in the two previous months.

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