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EMD dominates investor appetite among Italian selectors

EMD dominates investor appetite among Italian selectors

Italian fund selectors have given a resounding show of support for emerging market debt at Citywire’s inaugural Venice Fund Selector Forum.

When asked about investment expectations for fixed income, 45% of attendees at the two-day event said EMD offered the most exciting potential over the next six months.

This growing appetite for EMD echoes sentiment seen at other Citywire events held this month in Zurich, Geneva and Luxembourg, where the asset class also led the pack.

Convertibles, corporates and high yield each received 15% of the vote, while 9% of attendees said they would be looking at US dollar-denominated, whereas nobody was keen on European bonds.

Also echoing their Swiss and Luxembourg counterparts, the equity appetite was firmly focused on the European market. When asked the same question about prospects over the next six months for equities, 37% said European equities was their top pick.

This was narrowly ahead of thematic approaches, which received 29% of the vote. Both Asia Pacific and EM equity received 11% of the vote, respectively, while global equities (9%) and US equities (3%) split the remainder.

When asked about their outlook for alternative assets, much like in Madrid last week there was vocal support for Alternative Ucits. This type of fund received 49% of the vote, while 34% said they would prefer to invest in mixed asset funds. Commodities took the remaining 17% of the vote.

Selectors in the famous Italian city were also quizzed on what they viewed as the biggest risk in the year ahead. Here 40% said they feared the outcome of the French elections, while 29% said they were being unsettled by Donald Trump’s Twitter activity.

This was ahead of the 20% who were wary of China and 11% who were most focused on whether the ongoing fallout from Brexit negotiations would lead to difficulties.

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