Short positioning on European equities was the 'most crowded trade' fo...
LONDON - Short positioning on European equities was the “most crowded trade” for the second straight month in April, a survey of fund managers by Bank of America Merrill Lynch found.
Allocations to euro zone equities jumped 8 percentage points month-on-month to a net neutral as some Europe bears unwound their positions, betting the trade had become overcrowded. While an inversion of the U.S. yield curve led many to predict an imminent recession, the survey found 70 percent of investors expect a global recession to start only in the second half of 2020.
“Investors are positioned for ‘secular stagnation’, long assets that outperform when growth and rates fall , short those that require higher growth and rates ,” wrote BAML strategists.
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