Swiss Economicblogs.org
Macroview Macro managers have reduced their equity exposure amid modest positive returns year-to-date, while long/short equity managers have been challenged by sharp market rotations. Equity risk in macro managers' portfolios is below the historical average. Many expect stock markets to trend lower – not necessarily because of a coming recession but because of peak margins and outflows from petrodollar-dependent sovereign wealth funds. The effectiveness of QE programmes is also being...
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